HDSN vs VXZ: Correlation
Hudson Technologies, Inc. (HDSN) 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 HDSN and VXZ?
Over the past 3 years, HDSN and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.25). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -263.7 %².
Among the 12 assets we track against HDSN, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with VXZ ahead by 30.4 points (-46.5% versus -16.1%). Note the risk asymmetry: HDSN runs 1.6 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.
HDSN vs VXZ: side by side
| HDSN (Hudson Technologies, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -46.5% | -16.1% |
| 5-year return | +68.6% | -53.1% |
| Volatility (ann.) | 41.6% | 25.6% |
| Beta vs S&P 500 | 0.74 | -1.31 |
| Max drawdown (3Y) | -67.6% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDSN | VXZ |
|---|---|---|
| 2022 | +127.9% | +0.5% |
| 2023 | +33.3% | -44.0% |
| 2024 | -58.6% | -12.7% |
| 2025 | +22.8% | +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 HDSN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, HDSN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HDSN and VXZ?
The HDSN/VXZ correlation stands at -0.25 on a 3-year window (1 year: -0.41, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HDSN?
Yes. With a correlation of -0.25, HDSN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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/hdsn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hdsn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HDSN correlations · VXZ correlations
