HY vs VXZ: Correlation
Hyster-Yale, Inc. (HY) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HY and VXZ?
On 3 years of weekly data the HY/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -382.7 %².
Among the 14 assets we track against HY, VXZ sits near the bottom by co-movement, at rank #14. The trailing year gives HY the advantage: -6.3% versus -16.1%, a 9.8-point spread. One caveat on sizing: HY is 1.8 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.
HY vs VXZ: side by side
| HY (Hyster-Yale, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.3% | -16.1% |
| 5-year return | -30.4% | -53.1% |
| Volatility (ann.) | 45.8% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -66.4% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HY | VXZ |
|---|---|---|
| 2022 | -35.9% | +0.5% |
| 2023 | +153.4% | -44.0% |
| 2024 | -16.3% | -12.7% |
| 2025 | -39.5% | +5.7% |
| 2026 | +19.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HY and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HY and VXZ?
The HY/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.33, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HY?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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/hy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HY correlations · VXZ correlations
