HLLY vs VXZ: Correlation
Holley Inc. (HLLY) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLLY and VXZ?
Over the past 3 years, HLLY and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.27 over 3. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -410.8 %².
VXZ is close to the least connected end of HLLY's tracked universe, ranking #17 of 18. On 12-month performance VXZ holds a 9.3-point edge, -25.4% against -16.1%. Note the risk asymmetry: HLLY runs 2.3 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.
HLLY vs VXZ: side by side
| HLLY (Holley Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -25.4% | -16.1% |
| 5-year return | -74.8% | -53.1% |
| Volatility (ann.) | 60.1% | 25.6% |
| Beta vs S&P 500 | 1.33 | -1.31 |
| Max drawdown (3Y) | -70.2% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 33.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLLY | VXZ |
|---|---|---|
| 2022 | -83.7% | +0.5% |
| 2023 | +129.7% | -44.0% |
| 2024 | -38.0% | -12.7% |
| 2025 | +36.8% | +5.7% |
| 2026 | -28.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLLY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between HLLY and VXZ?
As of 2026-08-27, the correlation of weekly returns between HLLY and VXZ is -0.27 over 3 years, -0.23 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for HLLY?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/hlly-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hlly-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLLY correlations · VXZ correlations
