HTZ vs VXX: Correlation
Measured on weekly returns over the past three years, Hertz Global Holdings, Inc (HTZ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTZ and VXX?
Over the past 3 years, HTZ and VXX moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -1402.5 %².
Among the 14 assets we track against HTZ, VXX sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with VXX ahead by 15.4 points (-65.1% versus -49.7%). One caveat on sizing: HTZ is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HTZ vs VXX: side by side
| HTZ (Hertz Global Holdings, Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -65.1% | -49.7% |
| 5-year return | -87.9% | -95.6% |
| Volatility (ann.) | 102.2% | 60.9% |
| Beta vs S&P 500 | 1.27 | -3.31 |
| Max drawdown (3Y) | -91.2% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTZ | VXX |
|---|---|---|
| 2022 | -38.4% | -23.8% |
| 2023 | -32.5% | -72.5% |
| 2024 | -64.8% | -26.2% |
| 2025 | +40.4% | -42.2% |
| 2026 | -60.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTZ and VXX good diversifiers for each other?
Yes. With a correlation of -0.23, HTZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HTZ and VXX?
As of 2026-08-27, the correlation of weekly returns between HTZ and VXX is -0.23 over 3 years, -0.28 over 1 year and -0.24 over 5 years.
Is VXX a good diversifier for HTZ?
Yes. With a correlation of -0.23, HTZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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/htz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/htz-vs-vxx/)
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Related comparisons
Hubs: HTZ correlations · VXX correlations
