HPQ vs VXZ: Correlation
How closely do HP Inc. (HPQ) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPQ and VXZ?
Over the past 3 years, HPQ and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.36 over 3 years. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -314.2 %².
Among the 28 assets we track against HPQ, VXZ sits near the bottom by co-movement, at rank #26. Their recent paths diverged sharply: over the last 12 months HPQ outperformed by 31.0 percentage points (+14.9% for HPQ 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.
HPQ vs VXZ: side by side
| HPQ (HP Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.9% | -16.1% |
| 5-year return | +19.9% | -53.1% |
| Volatility (ann.) | 34.2% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -51.2% | -36.4% |
| Market cap | $26.7B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | HPQ | VXZ |
|---|---|---|
| 2022 | -26.4% | +0.5% |
| 2023 | +16.1% | -44.0% |
| 2024 | +12.1% | -12.7% |
| 2025 | -28.7% | +5.7% |
| 2026 | +36.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPQ and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HPQ and VXZ?
The HPQ/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.06, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HPQ?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
A reading of -0.36 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/hpq-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpq-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HPQ correlations · VXZ correlations
