HMC vs VXZ: Correlation
How closely do Honda Motor Company, Ltd. (HMC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMC and VXZ?
Across a 3-year window, the weekly returns of HMC and VXZ correlate at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.37, with an annualized covariance of -202.7 %².
Out of 10 assets tracked against HMC, VXZ lands near the bottom at #9. The trailing year gives HMC the advantage: -7.5% versus -16.1%, a 8.6-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.
HMC vs VXZ: side by side
| HMC (Honda Motor Company, Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.5% | -16.1% |
| 5-year return | +21.7% | -53.1% |
| Volatility (ann.) | 28.1% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -35.2% | -36.4% |
| Market cap | $40.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 222.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HMC | VXZ |
|---|---|---|
| 2022 | -16.6% | +0.5% |
| 2023 | +39.9% | -44.0% |
| 2024 | -3.8% | -12.7% |
| 2025 | +5.9% | +5.7% |
| 2026 | +6.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, HMC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HMC and VXZ?
The HMC/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.38, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HMC?
Yes. With a correlation of -0.28, HMC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/hmc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hmc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HMC correlations · VXZ correlations
