INDI vs VXZ: Correlation
Measured on weekly returns over the past three years, indie Semiconductor, Inc. (INDI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDI and VXZ?
Across a 3-year window, the weekly returns of INDI and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.37, with an annualized covariance of -841.5 %².
VXZ is close to the least connected end of INDI's tracked universe, ranking #11 of 13. Their 12-month results are close: -12.9% for INDI against -16.1% for VXZ. Risk is not evenly split, since INDI carries 3.4 times the volatility of the other side.
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.
INDI vs VXZ: side by side
| INDI (indie Semiconductor, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.9% | -16.1% |
| 5-year return | -59.1% | -53.1% |
| Volatility (ann.) | 86.4% | 25.6% |
| Beta vs S&P 500 | 3.07 | -1.31 |
| Max drawdown (3Y) | -81.3% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDI | VXZ |
|---|---|---|
| 2022 | -51.4% | +0.5% |
| 2023 | +39.1% | -44.0% |
| 2024 | -50.1% | -12.7% |
| 2025 | -12.8% | +5.7% |
| 2026 | +14.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, INDI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDI and VXZ?
The INDI/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.31, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for INDI?
Yes. With a correlation of -0.38, INDI 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/indi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDI correlations · VXZ correlations
