HNI vs VXZ: Correlation
HNI Corporation (HNI) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNI and VXZ?
Across a 3-year window, the weekly returns of HNI and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.42) sits close to the 3-year figure. Stretching to 5 years gives -0.45, with an annualized covariance of -369.3 %².
VXZ is close to the least connected end of HNI's tracked universe, ranking #22 of 22. Their recent paths diverged sharply: over the last 12 months HNI outperformed by 30.4 percentage points (+14.3% for HNI against -16.1% for VXZ).
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.
HNI vs VXZ: side by side
| HNI (HNI Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.3% | -16.1% |
| 5-year return | +55.8% | -53.1% |
| Volatility (ann.) | 34.5% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -47.1% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNI | VXZ |
|---|---|---|
| 2022 | -29.9% | +0.5% |
| 2023 | +53.2% | -44.0% |
| 2024 | +23.8% | -12.7% |
| 2025 | -13.9% | +5.7% |
| 2026 | +21.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.42, HNI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HNI and VXZ?
The HNI/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.42, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HNI?
Yes. With a correlation of -0.42, HNI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 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/hni-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hni-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HNI correlations · VXZ correlations
