HON vs VXZ: Correlation
Measured on weekly returns over the past three years, Honeywell Technologies (HON) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HON and VXZ?
On 3 years of weekly data the HON/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -224.6 %².
VXZ is close to the least connected end of HON's tracked universe, ranking #32 of 32. The last year tells two different stories: HON led by 18.8 percentage points, +2.7% for HON 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.
HON vs VXZ: side by side
| HON (Honeywell Technologies) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.7% | -16.1% |
| 5-year return | +6.6% | -53.1% |
| Volatility (ann.) | 23.2% | 25.6% |
| Beta vs S&P 500 | 0.74 | -1.31 |
| Max drawdown (3Y) | -22.1% | -36.4% |
| Market cap | $69.9B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 4.26% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | HON | VXZ |
|---|---|---|
| 2022 | +4.9% | +0.5% |
| 2023 | +0.0% | -44.0% |
| 2024 | +10.0% | -12.7% |
| 2025 | -6.4% | +5.7% |
| 2026 | +9.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HON and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, HON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HON and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.32 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for HON?
Yes. With a correlation of -0.38, HON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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/hon-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HON correlations · VXZ correlations
