LGI vs VXZ: Correlation
How closely do Lazard Global Total Return and Income Fund (LGI) 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 -0.59, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LGI and VXZ?
On 3 years of weekly data the LGI/VXZ correlation comes out at -0.59, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.68 over 1 year against -0.59 over 3. The 5-year figure is -0.59, and annualized covariance runs at -273.9 %².
VXZ is close to the least connected end of LGI's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months LGI outperformed by 31.4 percentage points (+15.3% for LGI 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.
LGI vs VXZ: side by side
| LGI (Lazard Global Total Return and Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.3% | -16.1% |
| 5-year return | +38.1% | -53.1% |
| Volatility (ann.) | 18.2% | 25.6% |
| Beta vs S&P 500 | 0.97 | -1.31 |
| Max drawdown (3Y) | -22.0% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 7.2 | – |
| Dividend yield | 9.55% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LGI | VXZ |
|---|---|---|
| 2022 | -20.6% | +0.5% |
| 2023 | +12.8% | -44.0% |
| 2024 | +14.4% | -12.7% |
| 2025 | +21.3% | +5.7% |
| 2026 | +13.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LGI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.59, LGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LGI and VXZ?
The LGI/VXZ correlation stands at -0.59 on a 3-year window (1 year: -0.68, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for LGI?
Yes. With a correlation of -0.59, LGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.59 mean?
On the −1 to +1 scale, -0.59 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/lgi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lgi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LGI correlations · VXZ correlations
