L vs VXZ: Correlation
How closely do Loews Corporation (L) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are L and VXZ?
Across a 3-year window, the weekly returns of L and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.38). Stretching to 5 years gives -0.44, with an annualized covariance of -163.4 %².
VXZ is close to the least connected end of L's tracked universe, ranking #54 of 54. Correlation aside, the last 12 months split them widely, with L ahead by 30.3 points (+14.2% versus -16.1%). Note the risk asymmetry: VXZ runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
L vs VXZ: side by side
| L (Loews Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.2% | -16.1% |
| 5-year return | +100.1% | -53.1% |
| Volatility (ann.) | 16.6% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -12.2% | -36.4% |
| Market cap | $22.5B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 0.23% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | L | VXZ |
|---|---|---|
| 2022 | +1.4% | +0.5% |
| 2023 | +19.8% | -44.0% |
| 2024 | +22.1% | -12.7% |
| 2025 | +24.7% | +5.7% |
| 2026 | +4.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are L and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between L and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.14 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for L?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 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/l-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/l-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: L correlations · VXZ correlations
