HLX vs VXZ: Correlation
Measured on weekly returns over the past three years, Helix Energy Solutions Group, Inc. (HLX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and VXZ?
On 3 years of weekly data the HLX/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.04 versus -0.32 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -348.4 %².
VXZ is close to the least connected end of HLX's tracked universe, ranking #21 of 21. Their recent paths diverged sharply: over the last 12 months HLX outperformed by 73.2 percentage points (+57.1% for HLX against -16.1% for VXZ). Risk is not evenly split, since HLX carries 1.7 times the volatility of the other side.
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.
HLX vs VXZ: side by side
| HLX (Helix Energy Solutions Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.1% | -16.1% |
| 5-year return | +165.6% | -53.1% |
| Volatility (ann.) | 42.5% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -55.5% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 40.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLX | VXZ |
|---|---|---|
| 2022 | +136.5% | +0.5% |
| 2023 | +39.3% | -44.0% |
| 2024 | -9.3% | -12.7% |
| 2025 | -32.7% | +5.7% |
| 2026 | +61.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HLX and VXZ?
As of 2026-08-27, the correlation of weekly returns between HLX and VXZ is -0.32 over 3 years, 0.04 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for HLX?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/hlx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hlx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLX correlations · VXZ correlations
