HPE vs VXZ: Correlation
How closely do Hewlett Packard Enterprise (HPE) 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 -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and VXZ?
On 3 years of weekly data the HPE/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.34). The 5-year figure is -0.34, and annualized covariance runs at -382.6 %².
Among the 28 assets we track against HPE, VXZ sits near the bottom by co-movement, at rank #26. The last year tells two different stories: HPE led by 160.5 percentage points, +144.4% for HPE against -16.1% for VXZ. Note the risk asymmetry: HPE runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HPE vs VXZ: side by side
| HPE (Hewlett Packard Enterprise) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +144.4% | -16.1% |
| 5-year return | +309.3% | -53.1% |
| Volatility (ann.) | 43.8% | 25.6% |
| Beta vs S&P 500 | 1.47 | -1.31 |
| Max drawdown (3Y) | -48.4% | -36.4% |
| Market cap | $72.0B | – |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.99% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | HPE | VXZ |
|---|---|---|
| 2022 | +4.5% | +0.5% |
| 2023 | +9.7% | -44.0% |
| 2024 | +29.1% | -12.7% |
| 2025 | +15.5% | +5.7% |
| 2026 | +128.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPE and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HPE and VXZ?
The HPE/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.10, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HPE?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/hpe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HPE correlations · VXZ correlations
