HSIC vs VXZ: Correlation
How closely do Henry Schein (HSIC) 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 -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSIC and VXZ?
On 3 years of weekly data the HSIC/VXZ correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.32) than the 3-year average (-0.20). The 5-year figure is -0.30, and annualized covariance runs at -130.1 %².
VXZ is close to the least connected end of HSIC's tracked universe, ranking #33 of 34. Their recent paths diverged sharply: over the last 12 months HSIC outperformed by 47.0 percentage points (+30.9% for HSIC 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.
HSIC vs VXZ: side by side
| HSIC (Henry Schein) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.9% | -16.1% |
| 5-year return | +20.1% | -53.1% |
| Volatility (ann.) | 25.2% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -24.3% | -36.4% |
| Market cap | $10.1B | – |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | HSIC | VXZ |
|---|---|---|
| 2022 | +3.0% | +0.5% |
| 2023 | -5.2% | -44.0% |
| 2024 | -8.6% | -12.7% |
| 2025 | +9.2% | +5.7% |
| 2026 | +19.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSIC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.20, HSIC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HSIC and VXZ?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.32 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for HSIC?
Yes. With a correlation of -0.20, HSIC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hsic-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hsic-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HSIC correlations · VXZ correlations
