HCSG vs VXZ: Correlation
How closely do Healthcare Services Group, Inc. (HCSG) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCSG and VXZ?
Across a 3-year window, the weekly returns of HCSG and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Stretching to 5 years gives -0.24, with an annualized covariance of -302.5 %².
Out of 14 assets tracked against HCSG, VXZ lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months HCSG outperformed by 63.3 percentage points (+47.2% for HCSG against -16.1% for VXZ). One caveat on sizing: HCSG is 1.7 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.
HCSG vs VXZ: side by side
| HCSG (Healthcare Services Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +47.2% | -16.1% |
| 5-year return | -6.5% | -53.1% |
| Volatility (ann.) | 44.6% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -27.4% | -36.4% |
| Market cap | $1.6B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCSG | VXZ |
|---|---|---|
| 2022 | -28.7% | +0.5% |
| 2023 | -13.6% | -44.0% |
| 2024 | +12.1% | -12.7% |
| 2025 | +64.5% | +5.7% |
| 2026 | +20.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCSG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, HCSG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HCSG and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.28 over the last year and -0.24 over 5 years.
Is VXZ a good diversifier for HCSG?
Yes. With a correlation of -0.26, HCSG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/hcsg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hcsg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HCSG correlations · VXZ correlations
