EXPD vs VXZ: Correlation
Expeditors International (EXPD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXPD and VXZ?
On 3 years of weekly data the EXPD/VXZ correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.25 over 3. The 5-year figure is -0.32, and annualized covariance runs at -157.0 %².
VXZ is close to the least connected end of EXPD's tracked universe, ranking #31 of 33. Their recent paths diverged sharply: over the last 12 months EXPD outperformed by 73.6 percentage points (+57.5% for EXPD 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.
EXPD vs VXZ: side by side
| EXPD (Expeditors International) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.5% | -16.1% |
| 5-year return | +60.9% | -53.1% |
| Volatility (ann.) | 24.2% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -21.3% | -36.4% |
| Market cap | $24.8B | – |
| P/E (trailing) | 27.7 | – |
| Dividend yield | 0.83% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | EXPD | VXZ |
|---|---|---|
| 2022 | -21.7% | +0.5% |
| 2023 | +23.9% | -44.0% |
| 2024 | -11.9% | -12.7% |
| 2025 | +36.2% | +5.7% |
| 2026 | +28.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXPD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, EXPD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXPD and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.18 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for EXPD?
Yes. With a correlation of -0.25, EXPD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/expd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/expd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXPD correlations · VXZ correlations
