HQL vs VXZ: Correlation
abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and VXZ?
Across a 3-year window, the weekly returns of HQL and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.36) than the 3-year average (-0.47). Stretching to 5 years gives -0.47, with an annualized covariance of -284.5 %².
Among the 72 assets we track against HQL, VXZ sits near the bottom by co-movement, at rank #71. Their recent paths diverged sharply: over the last 12 months HQL outperformed by 92.0 percentage points (+75.9% for HQL 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.
HQL vs VXZ: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +75.9% | -16.1% |
| 5-year return | +74.1% | -53.1% |
| Volatility (ann.) | 23.5% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -25.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQL | VXZ |
|---|---|---|
| 2022 | -19.2% | +0.5% |
| 2023 | +4.2% | -44.0% |
| 2024 | +11.0% | -12.7% |
| 2025 | +45.5% | +5.7% |
| 2026 | +40.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.47, HQL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HQL and VXZ?
The HQL/VXZ correlation stands at -0.47 on a 3-year window (1 year: -0.36, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HQL?
Yes. With a correlation of -0.47, HQL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hql-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hql-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HQL correlations · VXZ correlations
