LECO vs VXZ: Correlation
Lincoln Electric Holdings, Inc. (LECO) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LECO and VXZ?
Across a 3-year window, the weekly returns of LECO and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.51, with an annualized covariance of -321.1 %².
Out of 18 assets tracked against LECO, VXZ lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with LECO ahead by 34.5 points (+18.4% 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.
LECO vs VXZ: side by side
| LECO (Lincoln Electric Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.4% | -16.1% |
| 5-year return | +120.5% | -53.1% |
| Volatility (ann.) | 27.9% | 25.6% |
| Beta vs S&P 500 | 1.03 | -1.31 |
| Max drawdown (3Y) | -34.3% | -36.4% |
| Market cap | $15.8B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.08% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LECO | VXZ |
|---|---|---|
| 2022 | +5.4% | +0.5% |
| 2023 | +52.6% | -44.0% |
| 2024 | -12.6% | -12.7% |
| 2025 | +29.6% | +5.7% |
| 2026 | +21.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LECO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between LECO and VXZ?
As of 2026-08-27, the correlation of weekly returns between LECO and VXZ is -0.45 over 3 years, -0.38 over 1 year and -0.51 over 5 years.
Is VXZ a good diversifier for LECO?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/leco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LECO correlations · VXZ correlations
