HRI vs VXZ: Correlation
How closely do Herc Holdings Inc. (HRI) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRI and VXZ?
Across a 3-year window, the weekly returns of HRI and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.42). Stretching to 5 years gives -0.50, with an annualized covariance of -583.1 %².
VXZ is close to the least connected end of HRI's tracked universe, ranking #14 of 14. The last year tells two different stories: HRI led by 35.0 percentage points, +18.9% for HRI against -16.1% for VXZ. Risk is not evenly split, since HRI carries 2.1 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.
HRI vs VXZ: side by side
| HRI (Herc Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.9% | -16.1% |
| 5-year return | +27.3% | -53.1% |
| Volatility (ann.) | 54.2% | 25.6% |
| Beta vs S&P 500 | 1.68 | -1.31 |
| Max drawdown (3Y) | -60.9% | -36.4% |
| Market cap | $5.2B | – |
| P/E (trailing) | 92.0 | – |
| Dividend yield | 1.79% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRI | VXZ |
|---|---|---|
| 2022 | -14.4% | +0.5% |
| 2023 | +15.5% | -44.0% |
| 2024 | +29.4% | -12.7% |
| 2025 | -20.1% | +5.7% |
| 2026 | +5.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRI and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HRI and VXZ?
The HRI/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.24, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HRI?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 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/hri-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hri-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HRI correlations · VXZ correlations
