HROW vs VXZ: Correlation
How closely do Harrow, Inc. (HROW) 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 -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HROW and VXZ?
On 3 years of weekly data the HROW/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.46) sits close to the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -707.4 %².
VXZ is close to the least connected end of HROW's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with HROW ahead by 15.5 points (-0.6% versus -16.1%). Risk is not evenly split, since HROW carries 2.9 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.
HROW vs VXZ: side by side
| HROW (Harrow, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.6% | -16.1% |
| 5-year return | +288.9% | -53.1% |
| Volatility (ann.) | 75.0% | 25.6% |
| Beta vs S&P 500 | 1.98 | -1.31 |
| Max drawdown (3Y) | -61.4% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HROW | VXZ |
|---|---|---|
| 2022 | +70.8% | +0.5% |
| 2023 | -24.1% | -44.0% |
| 2024 | +199.6% | -12.7% |
| 2025 | +46.1% | +5.7% |
| 2026 | -21.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HROW and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HROW and VXZ?
As of 2026-08-27, the correlation of weekly returns between HROW and VXZ is -0.37 over 3 years, -0.46 over 1 year and -0.26 over 5 years.
Is VXZ a good diversifier for HROW?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
A reading of -0.37 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/hrow-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hrow-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HROW correlations · VXZ correlations
