EXE vs VXZ: Correlation
Measured on weekly returns over the past three years, Expand Energy (EXE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and VXZ?
On 3 years of weekly data the EXE/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.24). The 5-year figure is -0.21, and annualized covariance runs at -171.1 %².
Out of 32 assets tracked against EXE, VXZ lands near the bottom at #29. The last year tells two different stories: EXE led by 21.3 percentage points, +5.2% for EXE 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.
EXE vs VXZ: side by side
| EXE (Expand Energy) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.2% | -16.1% |
| 5-year return | +125.8% | -53.1% |
| Volatility (ann.) | 28.2% | 25.6% |
| Beta vs S&P 500 | 0.31 | -1.31 |
| Max drawdown (3Y) | -28.4% | -36.4% |
| Market cap | $22.7B | – |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 3.30% | – |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EXE | VXZ |
|---|---|---|
| 2022 | +62.3% | +0.5% |
| 2023 | -14.8% | -44.0% |
| 2024 | +33.2% | -12.7% |
| 2025 | +14.4% | +5.7% |
| 2026 | -9.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXE and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.10 over the last year and -0.21 over 5 years.
Is VXZ a good diversifier for EXE?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXE correlations · VXZ correlations
