HESM vs VXZ: Correlation
Hess Midstream LP Class A Representing Limited Partner (HESM) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HESM and VXZ?
Across a 3-year window, the weekly returns of HESM and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.04 versus -0.30 over 3 years. Stretching to 5 years gives -0.33, with an annualized covariance of -167.1 %².
Out of 10 assets tracked against HESM, VXZ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with HESM ahead by 20.7 points (+4.6% versus -16.1%).
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.
HESM vs VXZ: side by side
| HESM (Hess Midstream LP Class A Representing Limited Partner) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.6% | -16.1% |
| 5-year return | +131.3% | -53.1% |
| Volatility (ann.) | 21.7% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -25.8% | -36.4% |
| Market cap | $8.2B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.70% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HESM | VXZ |
|---|---|---|
| 2022 | +16.6% | +0.5% |
| 2023 | +14.4% | -44.0% |
| 2024 | +26.4% | -12.7% |
| 2025 | +0.6% | +5.7% |
| 2026 | +22.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HESM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, HESM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HESM and VXZ?
As of 2026-08-27, the correlation of weekly returns between HESM and VXZ is -0.30 over 3 years, 0.04 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for HESM?
Yes. With a correlation of -0.30, HESM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hesm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hesm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HESM correlations · VXZ correlations
