INBK vs VXZ: Correlation
How closely do First Internet Bancorp (INBK) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INBK and VXZ?
Over the past 3 years, INBK and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -465.1 %².
Out of 11 assets tracked against INBK, VXZ lands near the bottom at #11. The last year tells two different stories: INBK led by 25.6 percentage points, +9.5% for INBK against -16.1% for VXZ. Note the risk asymmetry: INBK runs 1.7 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.
INBK vs VXZ: side by side
| INBK (First Internet Bancorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.5% | -16.1% |
| 5-year return | -3.5% | -53.1% |
| Volatility (ann.) | 43.2% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -59.0% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.88% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INBK | VXZ |
|---|---|---|
| 2022 | -48.0% | +0.5% |
| 2023 | +1.0% | -44.0% |
| 2024 | +49.9% | -12.7% |
| 2025 | -41.4% | +5.7% |
| 2026 | +32.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INBK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.42, INBK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INBK and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.33 over the last year and -0.37 over 5 years.
Is VXZ a good diversifier for INBK?
Yes. With a correlation of -0.42, INBK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/inbk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/inbk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INBK correlations · VXZ correlations
