HPP vs VXZ: Correlation
Measured on weekly returns over the past three years, Hudson Pacific Properties, Inc. (HPP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPP and VXZ?
Across a 3-year window, the weekly returns of HPP and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.30 over 3. Stretching to 5 years gives -0.36, with an annualized covariance of -496.8 %².
Among the 12 assets we track against HPP, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: VXZ led by 16.1 percentage points, -32.2% for HPP against -16.1% for VXZ. Note the risk asymmetry: HPP runs 2.5 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.
HPP vs VXZ: side by side
| HPP (Hudson Pacific Properties, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -32.2% | -16.1% |
| 5-year return | -91.3% | -53.1% |
| Volatility (ann.) | 64.7% | 25.6% |
| Beta vs S&P 500 | 1.35 | -1.31 |
| Max drawdown (3Y) | -91.7% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPP | VXZ |
|---|---|---|
| 2022 | -57.9% | +0.5% |
| 2023 | +1.9% | -44.0% |
| 2024 | -66.9% | -12.7% |
| 2025 | -48.9% | +5.7% |
| 2026 | +25.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, HPP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HPP and VXZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.25 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for HPP?
Yes. With a correlation of -0.30, HPP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hpp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpp-vs-vxz/)
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Related comparisons
Hubs: HPP correlations · VXZ correlations
