EVI vs VXZ: Correlation
Measured on weekly returns over the past three years, EVI Industries, Inc. (EVI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVI and VXZ?
On 3 years of weekly data the EVI/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -345.1 %².
VXZ is close to the least connected end of EVI's tracked universe, ranking #11 of 12. The last year tells two different stories: VXZ led by 29.9 percentage points, -46.0% for EVI against -16.1% for VXZ. One caveat on sizing: EVI is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EVI vs VXZ: side by side
| EVI (EVI Industries, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -46.0% | -16.1% |
| 5-year return | -38.2% | -53.1% |
| Volatility (ann.) | 50.2% | 25.6% |
| Beta vs S&P 500 | 1.05 | -1.31 |
| Max drawdown (3Y) | -59.0% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 32.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVI | VXZ |
|---|---|---|
| 2022 | -23.6% | +0.5% |
| 2023 | +0.5% | -44.0% |
| 2024 | -30.0% | -12.7% |
| 2025 | +52.2% | +5.7% |
| 2026 | -40.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, EVI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVI and VXZ?
The EVI/VXZ correlation stands at -0.27 on a 3-year window (1 year: -0.18, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EVI?
Yes. With a correlation of -0.27, EVI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/evi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVI correlations · VXZ correlations
