HUT vs VXZ: Correlation
Hut 8 Corp. (HUT) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUT and VXZ?
Across a 3-year window, the weekly returns of HUT and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.34) than the 3-year average (-0.24). Stretching to 5 years gives -0.30, with an annualized covariance of -584.3 %².
Out of 19 assets tracked against HUT, VXZ lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with HUT ahead by 246.8 points (+230.7% versus -16.1%). Note the risk asymmetry: HUT runs 3.7 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.
HUT vs VXZ: side by side
| HUT (Hut 8 Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +230.7% | -16.1% |
| 5-year return | +110.5% | -53.1% |
| Volatility (ann.) | 94.2% | 25.6% |
| Beta vs S&P 500 | 2.26 | -1.31 |
| Max drawdown (3Y) | -65.1% | -36.4% |
| Market cap | $10.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HUT | VXZ |
|---|---|---|
| 2022 | -89.2% | +0.5% |
| 2023 | +213.9% | -44.0% |
| 2024 | +53.6% | -12.7% |
| 2025 | +124.2% | +5.7% |
| 2026 | +89.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between HUT and VXZ?
The HUT/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.34, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HUT?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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/hut-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hut-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HUT correlations · VXZ correlations
