IIIV vs VXZ: Correlation
How closely do i3 Verticals, Inc. (IIIV) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIIV and VXZ?
Over the past 3 years, IIIV and VXZ moved with a correlation of -0.24, which is 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. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -227.7 %².
Among the 11 assets we track against IIIV, VXZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 31.1 percentage points (-47.2% for IIIV 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.
IIIV vs VXZ: side by side
| IIIV (i3 Verticals, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -47.2% | -16.1% |
| 5-year return | -43.7% | -53.1% |
| Volatility (ann.) | 37.8% | 25.6% |
| Beta vs S&P 500 | 0.59 | -1.31 |
| Max drawdown (3Y) | -51.7% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 58.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIIV | VXZ |
|---|---|---|
| 2022 | +6.8% | +0.5% |
| 2023 | -13.0% | -44.0% |
| 2024 | +8.8% | -12.7% |
| 2025 | +9.3% | +5.7% |
| 2026 | -35.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIIV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIIV and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.23 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for IIIV?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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/iiiv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iiiv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIIV correlations · VXZ correlations
