JBGS vs VXZ: Correlation
How closely do JBG SMITH Properties (JBGS) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBGS and VXZ?
On 3 years of weekly data the JBGS/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.35 over 3. The 5-year figure is -0.37, and annualized covariance runs at -304.2 %².
VXZ is close to the least connected end of JBGS's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 24.3 percentage points (-40.4% for JBGS against -16.1% for VXZ).
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.
JBGS vs VXZ: side by side
| JBGS (JBG SMITH Properties) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -40.4% | -16.1% |
| 5-year return | -49.3% | -53.1% |
| Volatility (ann.) | 33.7% | 25.6% |
| Beta vs S&P 500 | 0.68 | -1.31 |
| Max drawdown (3Y) | -52.2% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.67% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JBGS | VXZ |
|---|---|---|
| 2022 | -31.0% | +0.5% |
| 2023 | -6.1% | -44.0% |
| 2024 | -4.5% | -12.7% |
| 2025 | +15.2% | +5.7% |
| 2026 | -26.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBGS and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between JBGS and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.27 over the last year and -0.37 over 5 years.
Is VXZ a good diversifier for JBGS?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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/jbgs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jbgs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JBGS correlations · VXZ correlations
