HL vs VXZ: Correlation
Hecla Mining Company (HL) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and VXZ?
Over the past 3 years, HL and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.26). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -441.0 %².
Among the 16 assets we track against HL, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months HL outperformed by 183.2 percentage points (+167.1% for HL against -16.1% for VXZ). Note the risk asymmetry: HL runs 2.6 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.
HL vs VXZ: side by side
| HL (Hecla Mining Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +167.1% | -16.1% |
| 5-year return | +265.0% | -53.1% |
| Volatility (ann.) | 66.9% | 25.6% |
| Beta vs S&P 500 | 1.50 | -1.31 |
| Max drawdown (3Y) | -55.8% | -36.4% |
| Market cap | $14.4B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.07% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HL | VXZ |
|---|---|---|
| 2022 | +7.0% | +0.5% |
| 2023 | -13.0% | -44.0% |
| 2024 | +2.8% | -12.7% |
| 2025 | +291.8% | +5.7% |
| 2026 | +11.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HL and VXZ?
The HL/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.50, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HL?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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/hl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HL correlations · VXZ correlations
