HYFT vs VXZ: Correlation
Measured on weekly returns over the past three years, MindWalk Holdings Corp. (HYFT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYFT and VXZ?
On 3 years of weekly data the HYFT/VXZ correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. The 5-year figure is -0.20, and annualized covariance runs at -563.3 %².
VXZ is close to the least connected end of HYFT's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 30.3 percentage points (-46.4% for HYFT against -16.1% for VXZ). Risk is not evenly split, since HYFT carries 4.3 times the volatility of the other side.
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.
HYFT vs VXZ: side by side
| HYFT (MindWalk Holdings Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -46.4% | -16.1% |
| 5-year return | -80.2% | -53.1% |
| Volatility (ann.) | 110.1% | 25.6% |
| Beta vs S&P 500 | 1.42 | -1.31 |
| Max drawdown (3Y) | -86.3% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HYFT | VXZ |
|---|---|---|
| 2022 | -2.8% | +0.5% |
| 2023 | -67.2% | -44.0% |
| 2024 | -75.9% | -12.7% |
| 2025 | +341.7% | +5.7% |
| 2026 | -22.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYFT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.20, HYFT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HYFT and VXZ?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.27 over the last year and -0.20 over 5 years.
Is VXZ a good diversifier for HYFT?
Yes. With a correlation of -0.20, HYFT 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/hyft-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyft-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HYFT correlations · VXZ correlations
