LIN vs VXZ: Correlation
Measured on weekly returns over the past three years, Linde plc (LIN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIN and VXZ?
On 3 years of weekly data the LIN/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.16 versus -0.31 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -132.5 %².
Among the 36 assets we track against LIN, VXZ sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with LIN ahead by 18.0 points (+1.9% versus -16.1%). Risk is not evenly split, since VXZ 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.
LIN vs VXZ: side by side
| LIN (Linde plc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.9% | -16.1% |
| 5-year return | +64.6% | -53.1% |
| Volatility (ann.) | 16.5% | 25.6% |
| Beta vs S&P 500 | 0.37 | -1.31 |
| Max drawdown (3Y) | -19.2% | -36.4% |
| Market cap | $223.7B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 1.26% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | LIN | VXZ |
|---|---|---|
| 2022 | -4.4% | +0.5% |
| 2023 | +27.7% | -44.0% |
| 2024 | +3.2% | -12.7% |
| 2025 | +3.2% | +5.7% |
| 2026 | +14.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, LIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LIN and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.16 over the last year and -0.41 over 5 years.
Is VXZ a good diversifier for LIN?
Yes. With a correlation of -0.31, LIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/lin-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LIN correlations · VXZ correlations
