HGLB vs VXZ: Correlation
Highland Global Allocation Fund (HGLB) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and VXZ?
Over the past 3 years, HGLB and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.50 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -279.8 %².
VXZ is close to the least connected end of HGLB's tracked universe, ranking #14 of 14. Their recent paths diverged sharply: over the last 12 months HGLB outperformed by 17.1 percentage points (+1.0% for HGLB 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.
HGLB vs VXZ: side by side
| HGLB (Highland Global Allocation Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.0% | -16.1% |
| 5-year return | +36.3% | -53.1% |
| Volatility (ann.) | 26.1% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -24.1% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGLB | VXZ |
|---|---|---|
| 2022 | +14.5% | +0.5% |
| 2023 | -6.1% | -44.0% |
| 2024 | -1.5% | -12.7% |
| 2025 | +51.7% | +5.7% |
| 2026 | -10.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between HGLB and VXZ?
The HGLB/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.50, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HGLB?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 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/hglb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hglb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HGLB correlations · VXZ correlations
