HTLD vs VXZ: Correlation
How closely do Heartland Express, Inc. (HTLD) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTLD and VXZ?
Over the past 3 years, HTLD and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.36 over 3. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -327.0 %².
Among the 15 assets we track against HTLD, VXZ sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with HTLD ahead by 61.6 points (+45.5% versus -16.1%).
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.
HTLD vs VXZ: side by side
| HTLD (Heartland Express, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +45.5% | -16.1% |
| 5-year return | -24.6% | -53.1% |
| Volatility (ann.) | 35.1% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -55.1% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.64% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTLD | VXZ |
|---|---|---|
| 2022 | -8.3% | +0.5% |
| 2023 | -6.5% | -44.0% |
| 2024 | -20.8% | -12.7% |
| 2025 | -18.8% | +5.7% |
| 2026 | +37.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTLD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, HTLD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HTLD and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.30 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for HTLD?
Yes. With a correlation of -0.36, HTLD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/htld-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/htld-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HTLD correlations · VXZ correlations
