HQI vs VXZ: Correlation
Measured on weekly returns over the past three years, HireQuest, Inc. (HQI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQI and VXZ?
Across a 3-year window, the weekly returns of HQI and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.24). Stretching to 5 years gives -0.28, with an annualized covariance of -264.3 %².
VXZ is close to the least connected end of HQI's tracked universe, ranking #9 of 10. The last year tells two different stories: HQI led by 87.5 percentage points, +71.4% for HQI against -16.1% for VXZ. Risk is not evenly split, since HQI carries 1.7 times the volatility of the other side.
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.
HQI vs VXZ: side by side
| HQI (HireQuest, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +71.4% | -16.1% |
| 5-year return | -4.1% | -53.1% |
| Volatility (ann.) | 42.4% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -59.4% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 28.6 | – |
| Dividend yield | 1.41% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQI | VXZ |
|---|---|---|
| 2022 | -20.4% | +0.5% |
| 2023 | -1.7% | -44.0% |
| 2024 | -6.1% | -12.7% |
| 2025 | -24.0% | +5.7% |
| 2026 | +54.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between HQI and VXZ?
As of 2026-08-27, the correlation of weekly returns between HQI and VXZ is -0.24 over 3 years, -0.09 over 1 year and -0.28 over 5 years.
Is VXZ a good diversifier for HQI?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/hqi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hqi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HQI correlations · VXZ correlations
