KLXE vs VXZ: Correlation
How closely do KLX Energy Services Holdings, Inc. (KLXE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KLXE and VXZ?
Over the past 3 years, KLXE and VXZ moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.19) than the 3-year average (-0.19). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -421.8 %².
Out of 11 assets tracked against KLXE, VXZ lands near the bottom at #10. The trailing year gives VXZ the advantage: -22.3% versus -16.1%, a 6.2-point spread. Risk is not evenly split, since KLXE carries 3.3 times the volatility of the other side.
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.
KLXE vs VXZ: side by side
| KLXE (KLX Energy Services Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -22.3% | -16.1% |
| 5-year return | -76.5% | -53.1% |
| Volatility (ann.) | 84.9% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -88.0% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KLXE | VXZ |
|---|---|---|
| 2022 | +458.4% | +0.5% |
| 2023 | -35.0% | -44.0% |
| 2024 | -55.8% | -12.7% |
| 2025 | -62.0% | +5.7% |
| 2026 | -20.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KLXE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.19, KLXE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KLXE and VXZ?
The KLXE/VXZ correlation stands at -0.19 on a 3-year window (1 year: 0.19, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KLXE?
Yes. With a correlation of -0.19, KLXE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/klxe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/klxe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KLXE correlations · VXZ correlations
