INVH vs VXZ: Correlation
Measured on weekly returns over the past three years, Invitation Homes (INVH) 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 INVH and VXZ?
On 3 years of weekly data the INVH/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.38). The 5-year figure is -0.42, and annualized covariance runs at -204.4 %².
Among the 28 assets we track against INVH, VXZ sits near the bottom by co-movement, at rank #28. Over the last 12 months INVH came out ahead by 14.2 percentage points (-1.9% against -16.1%).
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.
INVH vs VXZ: side by side
| INVH (Invitation Homes) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.9% | -16.1% |
| 5-year return | -16.8% | -53.1% |
| Volatility (ann.) | 21.2% | 25.6% |
| Beta vs S&P 500 | 0.50 | -1.31 |
| Max drawdown (3Y) | -30.9% | -36.4% |
| Market cap | $17.4B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 3.98% | – |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | INVH | VXZ |
|---|---|---|
| 2022 | -33.0% | +0.5% |
| 2023 | +19.7% | -44.0% |
| 2024 | -3.1% | -12.7% |
| 2025 | -9.7% | +5.7% |
| 2026 | +7.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INVH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, INVH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INVH and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.18 over the last year and -0.42 over 5 years.
Is VXZ a good diversifier for INVH?
Yes. With a correlation of -0.38, INVH 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/invh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/invh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INVH correlations · VXZ correlations
