IHRT vs VXZ: Correlation
Measured on weekly returns over the past three years, iHeartMedia, Inc. (IHRT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IHRT and VXZ?
On 3 years of weekly data the IHRT/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.24 over 3. The 5-year figure is -0.26, and annualized covariance runs at -600.9 %².
VXZ is close to the least connected end of IHRT's tracked universe, ranking #9 of 10. Correlation aside, the last 12 months split them widely, with IHRT ahead by 36.7 points (+20.6% versus -16.1%). One caveat on sizing: IHRT is 3.8 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.
IHRT vs VXZ: side by side
| IHRT (iHeartMedia, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.6% | -16.1% |
| 5-year return | -89.2% | -53.1% |
| Volatility (ann.) | 97.6% | 25.6% |
| Beta vs S&P 500 | 1.73 | -1.31 |
| Max drawdown (3Y) | -77.2% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IHRT | VXZ |
|---|---|---|
| 2022 | -70.9% | +0.5% |
| 2023 | -56.4% | -44.0% |
| 2024 | -25.8% | -12.7% |
| 2025 | +110.1% | +5.7% |
| 2026 | -35.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IHRT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, IHRT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IHRT and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.23 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for IHRT?
Yes. With a correlation of -0.24, IHRT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/ihrt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ihrt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IHRT correlations · VXZ correlations
