FOUR vs VXZ: Correlation
Measured on weekly returns over the past three years, Shift4 Payments, Inc. (FOUR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOUR and VXZ?
On 3 years of weekly data the FOUR/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.43). The 5-year figure is -0.41, and annualized covariance runs at -580.8 %².
Out of 20 assets tracked against FOUR, VXZ lands near the bottom at #20. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 35.2 percentage points (-51.3% for FOUR against -16.1% for VXZ). Note the risk asymmetry: FOUR runs 2.1 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.
FOUR vs VXZ: side by side
| FOUR (Shift4 Payments, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -51.3% | -16.1% |
| 5-year return | -48.7% | -53.1% |
| Volatility (ann.) | 52.8% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -71.6% | -36.4% |
| Market cap | $3.5B | – |
| P/E (trailing) | 68.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FOUR | VXZ |
|---|---|---|
| 2022 | -3.5% | +0.5% |
| 2023 | +32.9% | -44.0% |
| 2024 | +39.6% | -12.7% |
| 2025 | -39.3% | +5.7% |
| 2026 | -30.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FOUR and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FOUR and VXZ?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.21 over the last year and -0.41 over 5 years.
Is VXZ a good diversifier for FOUR?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/four-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/four-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FOUR correlations · VXZ correlations
