INDB vs VXZ: Correlation
Measured on weekly returns over the past three years, Independent Bank Corp. (INDB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDB and VXZ?
Over the past 3 years, INDB and VXZ moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.50 over 3. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -398.5 %².
Out of 12 assets tracked against INDB, VXZ lands near the bottom at #12. The last year tells two different stories: INDB led by 34.4 percentage points, +18.3% for INDB 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.
INDB vs VXZ: side by side
| INDB (Independent Bank Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.3% | -16.1% |
| 5-year return | +28.6% | -53.1% |
| Volatility (ann.) | 30.9% | 25.6% |
| Beta vs S&P 500 | 0.85 | -1.31 |
| Max drawdown (3Y) | -30.8% | -36.4% |
| Market cap | $3.9B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 2.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDB | VXZ |
|---|---|---|
| 2022 | +6.3% | +0.5% |
| 2023 | -18.9% | -44.0% |
| 2024 | +1.6% | -12.7% |
| 2025 | +17.9% | +5.7% |
| 2026 | +14.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between INDB and VXZ?
The INDB/VXZ correlation stands at -0.50 on a 3-year window (1 year: -0.44, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for INDB?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 mean?
A reading of -0.50 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/indb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDB correlations · VXZ correlations
