HCC vs VXZ: Correlation
Warrior Met Coal, Inc. (HCC) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCC and VXZ?
Across a 3-year window, the weekly returns of HCC and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.02) than the 3-year average (-0.31). Stretching to 5 years gives -0.25, with an annualized covariance of -378.6 %².
Among the 10 assets we track against HCC, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: HCC led by 100.4 percentage points, +84.3% for HCC against -16.1% for VXZ. Risk is not evenly split, since HCC carries 1.9 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.
HCC vs VXZ: side by side
| HCC (Warrior Met Coal, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +84.3% | -16.1% |
| 5-year return | +450.1% | -53.1% |
| Volatility (ann.) | 48.0% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -45.5% | -36.4% |
| Market cap | $5.7B | – |
| P/E (trailing) | 25.3 | – |
| Dividend yield | 0.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCC | VXZ |
|---|---|---|
| 2022 | +41.0% | +0.5% |
| 2023 | +81.6% | -44.0% |
| 2024 | -9.8% | -12.7% |
| 2025 | +63.5% | +5.7% |
| 2026 | +23.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, HCC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HCC and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.02 over the last year and -0.25 over 5 years.
Is VXZ a good diversifier for HCC?
Yes. With a correlation of -0.31, HCC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/hcc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hcc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HCC correlations · VXZ correlations
