JEF vs VXZ: Correlation
Jefferies Financial Group Inc. (JEF) 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 -0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JEF and VXZ?
Over the past 3 years, JEF and VXZ moved with a correlation of -0.58, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.45) than the 3-year average (-0.58). Over 5 years the correlation is -0.58, and the annualized covariance of weekly returns is -583.1 %².
Among the 16 assets we track against JEF, VXZ sits near the bottom by co-movement, at rank #15. Their 12-month results are close: -15.9% for JEF against -16.1% for VXZ. One caveat on sizing: JEF is 1.5 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.
JEF vs VXZ: side by side
| JEF (Jefferies Financial Group Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.9% | -16.1% |
| 5-year return | +73.8% | -53.1% |
| Volatility (ann.) | 39.3% | 25.6% |
| Beta vs S&P 500 | 1.57 | -1.31 |
| Max drawdown (3Y) | -54.4% | -36.4% |
| Market cap | $10.7B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JEF | VXZ |
|---|---|---|
| 2022 | -8.5% | +0.5% |
| 2023 | +27.7% | -44.0% |
| 2024 | +98.8% | -12.7% |
| 2025 | -18.8% | +5.7% |
| 2026 | -12.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JEF and VXZ good diversifiers for each other?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between JEF and VXZ?
The JEF/VXZ correlation stands at -0.58 on a 3-year window (1 year: -0.45, 5 years: -0.58), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for JEF?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.58 mean?
A reading of -0.58 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/jef-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jef-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JEF correlations · VXZ correlations
