IR vs VXZ: Correlation
Measured on weekly returns over the past three years, Ingersoll Rand (IR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.56, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IR and VXZ?
Across a 3-year window, the weekly returns of IR and VXZ correlate at -0.56, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.36) runs above the 3-year figure (-0.56). Stretching to 5 years gives -0.57, with an annualized covariance of -427.1 %².
VXZ is close to the least connected end of IR's tracked universe, ranking #61 of 61. Over the last 12 months IR came out ahead by 14.1 percentage points (-2.0% 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.
IR vs VXZ: side by side
| IR (Ingersoll Rand) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.0% | -16.1% |
| 5-year return | +49.2% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -36.6% | -36.4% |
| Market cap | $30.6B | – |
| P/E (trailing) | 32.6 | – |
| Dividend yield | 0.15% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | IR | VXZ |
|---|---|---|
| 2022 | -15.4% | +0.5% |
| 2023 | +48.2% | -44.0% |
| 2024 | +17.1% | -12.7% |
| 2025 | -12.3% | +5.7% |
| 2026 | -0.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IR and VXZ good diversifiers for each other?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IR and VXZ?
As of 2026-08-27, the correlation of weekly returns between IR and VXZ is -0.56 over 3 years, -0.36 over 1 year and -0.57 over 5 years.
Is VXZ a good diversifier for IR?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.56 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ir-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ir-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IR correlations · VXZ correlations
