KGS vs VXZ: Correlation
Kodiak Gas Services, Inc. (KGS) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KGS and VXZ?
Over the past 3 years, KGS and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.32). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -303.3 %².
VXZ is close to the least connected end of KGS's tracked universe, ranking #11 of 12. Their recent paths diverged sharply: over the last 12 months KGS outperformed by 93.0 percentage points (+76.9% for KGS 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.
KGS vs VXZ: side by side
| KGS (Kodiak Gas Services, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +76.9% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 37.1% | 25.6% |
| Beta vs S&P 500 | 0.72 | -1.31 |
| Max drawdown (3Y) | -38.6% | -36.4% |
| Market cap | $6.1B | – |
| P/E (trailing) | 68.4 | – |
| Dividend yield | 3.24% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KGS | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +115.2% | -12.7% |
| 2025 | -3.7% | +5.7% |
| 2026 | +64.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KGS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between KGS and VXZ?
The KGS/VXZ correlation stands at -0.32 on a 3-year window (1 year: 0.01, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KGS?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/kgs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kgs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KGS correlations · VXZ correlations
