EXFY vs VXZ: Correlation
Measured on weekly returns over the past three years, Expensify, Inc. (EXFY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXFY and VXZ?
On 3 years of weekly data the EXFY/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.34 over 3. The 5-year figure is -0.34, and annualized covariance runs at -730.0 %².
Among the 12 assets we track against EXFY, VXZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months EXFY outperformed by 49.4 percentage points (+33.3% for EXFY against -16.1% for VXZ). Note the risk asymmetry: EXFY runs 3.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EXFY vs VXZ: side by side
| EXFY (Expensify, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.3% | -16.1% |
| 5-year return | -93.8% | -53.1% |
| Volatility (ann.) | 83.7% | 25.6% |
| Beta vs S&P 500 | 2.04 | -1.31 |
| Max drawdown (3Y) | -83.4% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXFY | VXZ |
|---|---|---|
| 2022 | -79.9% | +0.5% |
| 2023 | -72.0% | -44.0% |
| 2024 | +35.6% | -12.7% |
| 2025 | -54.9% | +5.7% |
| 2026 | +69.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXFY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXFY and VXZ?
The EXFY/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.31, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EXFY?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 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/exfy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exfy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXFY correlations · VXZ correlations
