ICHR vs VXZ: Correlation
How closely do Ichor Holdings (ICHR) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICHR and VXZ?
On 3 years of weekly data the ICHR/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.35). The 5-year figure is -0.38, and annualized covariance runs at -678.1 %².
Among the 12 assets we track against ICHR, VXZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: ICHR led by 255.9 percentage points, +239.8% for ICHR against -16.1% for VXZ. Note the risk asymmetry: ICHR runs 2.9 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.
ICHR vs VXZ: side by side
| ICHR (Ichor Holdings) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +239.8% | -16.1% |
| 5-year return | +32.8% | -53.1% |
| Volatility (ann.) | 75.0% | 25.6% |
| Beta vs S&P 500 | 2.32 | -1.31 |
| Max drawdown (3Y) | -69.1% | -36.4% |
| Market cap | $2.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICHR | VXZ |
|---|---|---|
| 2022 | -41.7% | +0.5% |
| 2023 | +25.4% | -44.0% |
| 2024 | -4.2% | -12.7% |
| 2025 | -42.8% | +5.7% |
| 2026 | +220.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICHR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, ICHR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICHR and VXZ?
As of 2026-08-27, the correlation of weekly returns between ICHR and VXZ is -0.35 over 3 years, -0.21 over 1 year and -0.38 over 5 years.
Is VXZ a good diversifier for ICHR?
Yes. With a correlation of -0.35, ICHR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/ichr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ichr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICHR correlations · VXZ correlations
