LII vs VXZ: Correlation
Measured on weekly returns over the past three years, Lennox International (LII) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LII and VXZ?
On 3 years of weekly data the LII/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.41 over 3. The 5-year figure is -0.46, and annualized covariance runs at -338.8 %².
Among the 37 assets we track against LII, VXZ sits near the bottom by co-movement, at rank #37. Over the last 12 months VXZ came out ahead by 14.2 percentage points (-30.3% against -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.
LII vs VXZ: side by side
| LII (Lennox International) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.3% | -16.1% |
| 5-year return | +23.7% | -53.1% |
| Volatility (ann.) | 32.0% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -41.7% | -36.4% |
| Market cap | $13.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 1.34% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | LII | VXZ |
|---|---|---|
| 2022 | -24.9% | +0.5% |
| 2023 | +89.5% | -44.0% |
| 2024 | +37.3% | -12.7% |
| 2025 | -19.5% | +5.7% |
| 2026 | -19.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LII and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, LII and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LII and VXZ?
The LII/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.34, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for LII?
Yes. With a correlation of -0.41, LII and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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/lii-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lii-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LII correlations · VXZ correlations
