HRTG vs VXZ: Correlation
Heritage Insurance Holdings, Inc. (HRTG) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRTG and VXZ?
Over the past 3 years, HRTG and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.27). Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -494.8 %².
Among the 11 assets we track against HRTG, VXZ sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months HRTG outperformed by 69.7 percentage points (+53.6% for HRTG against -16.1% for VXZ). Note the risk asymmetry: HRTG runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HRTG vs VXZ: side by side
| HRTG (Heritage Insurance Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +53.6% | -16.1% |
| 5-year return | +422.5% | -53.1% |
| Volatility (ann.) | 71.1% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -43.9% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRTG | VXZ |
|---|---|---|
| 2022 | -68.6% | +0.5% |
| 2023 | +262.2% | -44.0% |
| 2024 | +85.6% | -12.7% |
| 2025 | +141.8% | +5.7% |
| 2026 | +16.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRTG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between HRTG and VXZ?
As of 2026-08-27, the correlation of weekly returns between HRTG and VXZ is -0.27 over 3 years, -0.12 over 1 year and -0.28 over 5 years.
Is VXZ a good diversifier for HRTG?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/hrtg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hrtg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HRTG correlations · VXZ correlations
