IPI vs VXZ: Correlation
How closely do Intrepid Potash, Inc (IPI) 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 -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IPI and VXZ?
Over the past 3 years, IPI and VXZ moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.17) runs above the 3-year figure (-0.19). Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -234.6 %².
Among the 15 assets we track against IPI, VXZ sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months IPI outperformed by 39.4 percentage points (+23.3% for IPI against -16.1% for VXZ). One caveat on sizing: IPI is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
IPI vs VXZ: side by side
| IPI (Intrepid Potash, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.3% | -16.1% |
| 5-year return | +20.2% | -53.1% |
| Volatility (ann.) | 48.0% | 25.6% |
| Beta vs S&P 500 | 0.56 | -1.31 |
| Max drawdown (3Y) | -38.5% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IPI | VXZ |
|---|---|---|
| 2022 | -32.4% | +0.5% |
| 2023 | -17.2% | -44.0% |
| 2024 | -8.2% | -12.7% |
| 2025 | +26.5% | +5.7% |
| 2026 | +35.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IPI and VXZ good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IPI and VXZ?
The IPI/VXZ correlation stands at -0.19 on a 3-year window (1 year: 0.17, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IPI?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/ipi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ipi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IPI correlations · VXZ correlations
