EYE vs VXZ: Correlation
How closely do National Vision Holdings, Inc. (EYE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EYE and VXZ?
Over the past 3 years, EYE and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.27 over 3. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -356.4 %².
Out of 10 assets tracked against EYE, VXZ lands near the bottom at #10. The trailing year gives VXZ the advantage: -26.7% versus -16.1%, a 10.6-point spread. Risk is not evenly split, since EYE carries 2.0 times the volatility of the other side.
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.
EYE vs VXZ: side by side
| EYE (National Vision Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.7% | -16.1% |
| 5-year return | -69.8% | -53.1% |
| Volatility (ann.) | 52.1% | 25.6% |
| Beta vs S&P 500 | 0.86 | -1.31 |
| Max drawdown (3Y) | -59.3% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 30.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EYE | VXZ |
|---|---|---|
| 2022 | -19.2% | +0.5% |
| 2023 | -46.0% | -44.0% |
| 2024 | -50.2% | -12.7% |
| 2025 | +147.8% | +5.7% |
| 2026 | -30.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EYE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between EYE and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.18 over the last year and -0.24 over 5 years.
Is VXZ a good diversifier for EYE?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/eye-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eye-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EYE correlations · VXZ correlations
