HP vs VXZ: Correlation
How closely do Helmerich & Payne, Inc. (HP) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and VXZ?
Across a 3-year window, the weekly returns of HP and VXZ correlate at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.25 over 3 years. Stretching to 5 years gives -0.31, with an annualized covariance of -283.0 %².
Among the 18 assets we track against HP, VXZ sits near the bottom by co-movement, at rank #16. The last year tells two different stories: HP led by 136.9 percentage points, +120.8% for HP against -16.1% for VXZ. One caveat on sizing: HP is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HP vs VXZ: side by side
| HP (Helmerich & Payne, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +120.8% | -16.1% |
| 5-year return | +92.0% | -53.1% |
| Volatility (ann.) | 44.3% | 25.6% |
| Beta vs S&P 500 | 0.76 | -1.31 |
| Max drawdown (3Y) | -64.4% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.42% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | VXZ |
|---|---|---|
| 2022 | +115.2% | +0.5% |
| 2023 | -23.2% | -44.0% |
| 2024 | -7.8% | -12.7% |
| 2025 | -6.3% | +5.7% |
| 2026 | +50.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HP and VXZ?
As of 2026-08-27, the correlation of weekly returns between HP and VXZ is -0.25 over 3 years, 0.01 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for HP?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/hp-vs-vxz.json
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[](https://www.pairbook.io/pair/hp-vs-vxz/)
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Related comparisons
Hubs: HP correlations · VXZ correlations
