JHX vs VXZ: Correlation
James Hardie Industries plc. (JHX) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JHX and VXZ?
Across a 3-year window, the weekly returns of JHX and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.33 over 3. Stretching to 5 years gives -0.41, with an annualized covariance of -385.3 %².
VXZ is close to the least connected end of JHX's tracked universe, ranking #10 of 13. Correlation aside, the last 12 months split them widely, with JHX ahead by 62.2 points (+46.1% versus -16.1%). Note the risk asymmetry: JHX runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
JHX vs VXZ: side by side
| JHX (James Hardie Industries plc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +46.1% | -16.1% |
| 5-year return | -21.2% | -53.1% |
| Volatility (ann.) | 46.3% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -60.3% | -36.4% |
| Market cap | $17.3B | – |
| P/E (trailing) | 135.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JHX | VXZ |
|---|---|---|
| 2022 | -55.4% | +0.5% |
| 2023 | +115.6% | -44.0% |
| 2024 | -20.3% | -12.7% |
| 2025 | -32.7% | +5.7% |
| 2026 | +43.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JHX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between JHX and VXZ?
The JHX/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.40, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for JHX?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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/jhx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jhx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JHX correlations · VXZ correlations
