IT vs VXZ: Correlation
Gartner (IT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IT and VXZ?
Over the past 3 years, IT and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.27). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -280.4 %².
Among the 36 assets we track against IT, VXZ sits near the bottom by co-movement, at rank #34. Their 12-month results are close: -20.2% for IT against -16.1% for VXZ. One caveat on sizing: IT is 1.6 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.
IT vs VXZ: side by side
| IT (Gartner) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.2% | -16.1% |
| 5-year return | -36.0% | -53.1% |
| Volatility (ann.) | 40.6% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -77.2% | -36.4% |
| Market cap | $12.4B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | IT | VXZ |
|---|---|---|
| 2022 | +0.5% | +0.5% |
| 2023 | +34.2% | -44.0% |
| 2024 | +7.4% | -12.7% |
| 2025 | -47.9% | +5.7% |
| 2026 | -22.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IT and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IT and VXZ?
As of 2026-08-27, the correlation of weekly returns between IT and VXZ is -0.27 over 3 years, -0.12 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for IT?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/it-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/it-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IT correlations · VXZ correlations
