IBCP vs VXZ: Correlation
Independent Bank Corporation (IBCP) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBCP and VXZ?
On 3 years of weekly data the IBCP/VXZ correlation comes out at -0.47, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. The 5-year figure is -0.41, and annualized covariance runs at -347.7 %².
Among the 15 assets we track against IBCP, VXZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months IBCP outperformed by 29.8 percentage points (+13.7% for IBCP against -16.1% for VXZ).
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.
IBCP vs VXZ: side by side
| IBCP (Independent Bank Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.7% | -16.1% |
| 5-year return | +112.7% | -53.1% |
| Volatility (ann.) | 28.7% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -27.5% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 2.94% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBCP | VXZ |
|---|---|---|
| 2022 | +4.3% | +0.5% |
| 2023 | +14.0% | -44.0% |
| 2024 | +38.5% | -12.7% |
| 2025 | -3.5% | +5.7% |
| 2026 | +15.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBCP and VXZ good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IBCP and VXZ?
As of 2026-08-27, the correlation of weekly returns between IBCP and VXZ is -0.47 over 3 years, -0.37 over 1 year and -0.41 over 5 years.
Is VXZ a good diversifier for IBCP?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
A reading of -0.47 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/ibcp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibcp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBCP correlations · VXZ correlations
