HIPO vs VXZ: Correlation
Hippo Holdings Inc. (HIPO) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIPO and VXZ?
On 3 years of weekly data the HIPO/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -547.5 %².
Out of 10 assets tracked against HIPO, VXZ lands near the bottom at #10. Over the last 12 months HIPO came out ahead by 12.9 percentage points (-3.2% against -16.1%). Note the risk asymmetry: HIPO runs 2.5 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.
HIPO vs VXZ: side by side
| HIPO (Hippo Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.2% | -16.1% |
| 5-year return | -73.4% | -53.1% |
| Volatility (ann.) | 64.1% | 25.6% |
| Beta vs S&P 500 | 1.59 | -1.31 |
| Max drawdown (3Y) | -39.6% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 7.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIPO | VXZ |
|---|---|---|
| 2022 | -80.8% | +0.5% |
| 2023 | -32.9% | -44.0% |
| 2024 | +193.5% | -12.7% |
| 2025 | +12.4% | +5.7% |
| 2026 | +8.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIPO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, HIPO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HIPO and VXZ?
The HIPO/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.42, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HIPO?
Yes. With a correlation of -0.33, HIPO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/hipo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hipo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIPO correlations · VXZ correlations
