HZO vs VXZ: Correlation
How closely do MarineMax, Inc. (FL) (HZO) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HZO and VXZ?
Over the past 3 years, HZO and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.40 over 3 years. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -588.6 %².
Out of 16 assets tracked against HZO, VXZ lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with HZO ahead by 102.9 points (+86.8% versus -16.1%). Risk is not evenly split, since HZO carries 2.2 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.
HZO vs VXZ: side by side
| HZO (MarineMax, Inc. (FL)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +86.8% | -16.1% |
| 5-year return | +5.1% | -53.1% |
| Volatility (ann.) | 57.2% | 25.6% |
| Beta vs S&P 500 | 1.70 | -1.31 |
| Max drawdown (3Y) | -55.0% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 326.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HZO | VXZ |
|---|---|---|
| 2022 | -47.1% | +0.5% |
| 2023 | +24.6% | -44.0% |
| 2024 | -25.6% | -12.7% |
| 2025 | -16.3% | +5.7% |
| 2026 | +115.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HZO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, HZO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HZO and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.26 over the last year and -0.41 over 5 years.
Is VXZ a good diversifier for HZO?
Yes. With a correlation of -0.40, HZO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/hzo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hzo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HZO correlations · VXZ correlations
