HG vs VXZ: Correlation
How closely do Hamilton Insurance Group, Ltd. Class B (HG) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HG and VXZ?
Across a 3-year window, the weekly returns of HG and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.29 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -219.0 %².
VXZ is close to the least connected end of HG's tracked universe, ranking #12 of 12. The last year tells two different stories: HG led by 71.7 percentage points, +55.6% for HG against -16.1% for VXZ.
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.
HG vs VXZ: side by side
| HG (Hamilton Insurance Group, Ltd. Class B) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.6% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 30.1% | 25.6% |
| Beta vs S&P 500 | 0.12 | -1.31 |
| Max drawdown (3Y) | -21.1% | -36.4% |
| Market cap | $3.5B | – |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HG | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +27.3% | -12.7% |
| 2025 | +46.6% | +5.7% |
| 2026 | +35.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, HG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HG and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.11 over the last year and n/a over 5 years.
Is VXZ a good diversifier for HG?
Yes. With a correlation of -0.29, HG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/hg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HG correlations · VXZ correlations
