KMX vs VXZ: Correlation
CarMax Inc (KMX) 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 -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KMX and VXZ?
Across a 3-year window, the weekly returns of KMX and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -309.4 %².
Among the 11 assets we track against KMX, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: KMX led by 17.0 percentage points, +0.9% for KMX against -16.1% for VXZ. Risk is not evenly split, since KMX carries 1.6 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.
KMX vs VXZ: side by side
| KMX (CarMax Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.9% | -16.1% |
| 5-year return | -50.5% | -53.1% |
| Volatility (ann.) | 41.9% | 25.6% |
| Beta vs S&P 500 | 0.94 | -1.31 |
| Max drawdown (3Y) | -65.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KMX | VXZ |
|---|---|---|
| 2022 | -53.2% | +0.5% |
| 2023 | +26.0% | -44.0% |
| 2024 | +6.5% | -12.7% |
| 2025 | -52.7% | +5.7% |
| 2026 | +62.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KMX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between KMX and VXZ?
The KMX/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.27, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KMX?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/kmx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kmx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KMX correlations · VXZ correlations
