ETN vs VXZ: Correlation
Measured on weekly returns over the past three years, Eaton Corporation (ETN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and VXZ?
On 3 years of weekly data the ETN/VXZ correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.50). The 5-year figure is -0.52, and annualized covariance runs at -389.2 %².
Out of 44 assets tracked against ETN, VXZ lands near the bottom at #42. The last year tells two different stories: ETN led by 35.8 percentage points, +19.7% for ETN against -16.1% for VXZ.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ETN vs VXZ: side by side
| ETN (Eaton Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.7% | -16.1% |
| 5-year return | +164.1% | -53.1% |
| Volatility (ann.) | 30.2% | 25.6% |
| Beta vs S&P 500 | 1.33 | -1.31 |
| Max drawdown (3Y) | -34.5% | -36.4% |
| Market cap | $161.6B | – |
| P/E (trailing) | 42.4 | – |
| Dividend yield | 1.02% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ETN | VXZ |
|---|---|---|
| 2022 | -7.2% | +0.5% |
| 2023 | +56.2% | -44.0% |
| 2024 | +39.5% | -12.7% |
| 2025 | -2.8% | +5.7% |
| 2026 | +31.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.50, ETN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETN and VXZ?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.25 over the last year and -0.52 over 5 years.
Is VXZ a good diversifier for ETN?
Yes. With a correlation of -0.50, ETN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 mean?
A reading of -0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETN correlations · VXZ correlations
