HLNE vs VXZ: Correlation
Hamilton Lane Incorporated (HLNE) 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 -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLNE and VXZ?
Over the past 3 years, HLNE and VXZ moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.30) runs above the 3-year figure (-0.48). Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -458.2 %².
Among the 18 assets we track against HLNE, VXZ sits near the bottom by co-movement, at rank #18. The trailing year gives VXZ the advantage: -29.4% versus -16.1%, a 13.3-point spread.
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.
HLNE vs VXZ: side by side
| HLNE (Hamilton Lane Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.4% | -16.1% |
| 5-year return | +32.3% | -53.1% |
| Volatility (ann.) | 37.2% | 25.6% |
| Beta vs S&P 500 | 1.23 | -1.31 |
| Max drawdown (3Y) | -62.3% | -36.4% |
| Market cap | $5.9B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 2.11% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLNE | VXZ |
|---|---|---|
| 2022 | -37.0% | +0.5% |
| 2023 | +81.4% | -44.0% |
| 2024 | +32.4% | -12.7% |
| 2025 | -7.9% | +5.7% |
| 2026 | -19.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLNE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.48, HLNE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HLNE and VXZ?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.30 over the last year and -0.50 over 5 years.
Is VXZ a good diversifier for HLNE?
Yes. With a correlation of -0.48, HLNE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/hlne-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hlne-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLNE correlations · VXZ correlations
