KELYA vs VXZ: Correlation
Measured on weekly returns over the past three years, Kelly Services, Inc. (KELYA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KELYA and VXZ?
Across a 3-year window, the weekly returns of KELYA and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.27 over 3. Stretching to 5 years gives -0.31, with an annualized covariance of -261.0 %².
VXZ is close to the least connected end of KELYA's tracked universe, ranking #19 of 20. Correlation aside, the last 12 months split them widely, with KELYA ahead by 40.3 points (+24.2% 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.
KELYA vs VXZ: side by side
| KELYA (Kelly Services, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.2% | -16.1% |
| 5-year return | -5.4% | -53.1% |
| Volatility (ann.) | 37.3% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -66.5% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.77% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KELYA | VXZ |
|---|---|---|
| 2022 | +2.3% | +0.5% |
| 2023 | +30.0% | -44.0% |
| 2024 | -34.5% | -12.7% |
| 2025 | -35.2% | +5.7% |
| 2026 | +98.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KELYA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, KELYA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KELYA and VXZ?
As of 2026-08-27, the correlation of weekly returns between KELYA and VXZ is -0.27 over 3 years, -0.30 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for KELYA?
Yes. With a correlation of -0.27, KELYA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/kelya-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kelya-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KELYA correlations · VXZ correlations
