JPM vs VXZ: Correlation
JPMorgan Chase (JPM) 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 -0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JPM and VXZ?
Over the past 3 years, JPM and VXZ moved with a correlation of -0.56, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.44) runs above the 3-year figure (-0.56). Over 5 years the correlation is -0.56, and the annualized covariance of weekly returns is -329.2 %².
Among the 36 assets we track against JPM, VXZ sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with JPM ahead by 36.7 points (+20.6% versus -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.
JPM vs VXZ: side by side
| JPM (JPMorgan Chase) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.6% | -16.1% |
| 5-year return | +150.2% | -53.1% |
| Volatility (ann.) | 23.2% | 25.6% |
| Beta vs S&P 500 | 1.01 | -1.31 |
| Max drawdown (3Y) | -24.4% | -36.4% |
| Market cap | $941.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 1.68% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | JPM | VXZ |
|---|---|---|
| 2022 | -12.6% | +0.5% |
| 2023 | +30.6% | -44.0% |
| 2024 | +44.3% | -12.7% |
| 2025 | +37.3% | +5.7% |
| 2026 | +11.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JPM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
FAQ
What is the correlation between JPM and VXZ?
Using weekly returns as of 2026-08-27: -0.56 over 3 years, with -0.44 over the last year and -0.56 over 5 years.
Is VXZ a good diversifier for JPM?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
What does a correlation of -0.56 mean?
A reading of -0.56 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/jpm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jpm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JPM correlations · VXZ correlations
