IIIN vs VXZ: Correlation
How closely do Insteel Industries, Inc. (IIIN) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIIN and VXZ?
Across a 3-year window, the weekly returns of IIIN and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.38 over 3 years. Stretching to 5 years gives -0.33, with an annualized covariance of -378.9 %².
Among the 17 assets we track against IIIN, VXZ sits near the bottom by co-movement, at rank #16. Their 12-month results are close: -18.2% for IIIN against -16.1% for VXZ. One caveat on sizing: IIIN is 1.5 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.
IIIN vs VXZ: side by side
| IIIN (Insteel Industries, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.2% | -16.1% |
| 5-year return | +6.5% | -53.1% |
| Volatility (ann.) | 39.5% | 25.6% |
| Beta vs S&P 500 | 0.99 | -1.31 |
| Max drawdown (3Y) | -37.0% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.39% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIIN | VXZ |
|---|---|---|
| 2022 | -25.6% | +0.5% |
| 2023 | +50.0% | -44.0% |
| 2024 | -26.8% | -12.7% |
| 2025 | +21.5% | +5.7% |
| 2026 | -3.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIIN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, IIIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IIIN and VXZ?
As of 2026-08-27, the correlation of weekly returns between IIIN and VXZ is -0.38 over 3 years, -0.13 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for IIIN?
Yes. With a correlation of -0.38, IIIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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/iiin-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iiin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIIN correlations · VXZ correlations
