EXK vs VXZ: Correlation
Measured on weekly returns over the past three years, Endeavour Silver Corporation (EXK) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXK and VXZ?
Over the past 3 years, EXK and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.25). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -465.1 %².
VXZ is close to the least connected end of EXK's tracked universe, ranking #14 of 16. The last year tells two different stories: EXK led by 106.3 percentage points, +90.2% for EXK against -16.1% for VXZ. One caveat on sizing: EXK is 2.9 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.
EXK vs VXZ: side by side
| EXK (Endeavour Silver Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +90.2% | -16.1% |
| 5-year return | +146.7% | -53.1% |
| Volatility (ann.) | 74.1% | 25.6% |
| Beta vs S&P 500 | 1.93 | -1.31 |
| Max drawdown (3Y) | -51.3% | -36.4% |
| Market cap | $3.3B | – |
| P/E (trailing) | 53.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXK | VXZ |
|---|---|---|
| 2022 | -23.2% | +0.5% |
| 2023 | -39.2% | -44.0% |
| 2024 | +85.8% | -12.7% |
| 2025 | +156.8% | +5.7% |
| 2026 | +20.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, EXK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXK and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.46 over the last year and -0.21 over 5 years.
Is VXZ a good diversifier for EXK?
Yes. With a correlation of -0.25, EXK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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/exk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXK correlations · VXZ correlations
