LIND vs VXZ: Correlation
Lindblad Expeditions Holdings Inc. (LIND) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIND and VXZ?
Across a 3-year window, the weekly returns of LIND and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.44, with an annualized covariance of -696.8 %².
Out of 11 assets tracked against LIND, VXZ lands near the bottom at #10. The last year tells two different stories: LIND led by 116.5 percentage points, +100.4% for LIND against -16.1% for VXZ. One caveat on sizing: LIND is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
LIND vs VXZ: side by side
| LIND (Lindblad Expeditions Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +100.4% | -16.1% |
| 5-year return | +102.2% | -53.1% |
| Volatility (ann.) | 67.7% | 25.6% |
| Beta vs S&P 500 | 1.97 | -1.31 |
| Max drawdown (3Y) | -43.8% | -36.4% |
| Market cap | $2.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LIND | VXZ |
|---|---|---|
| 2022 | -50.6% | +0.5% |
| 2023 | +46.4% | -44.0% |
| 2024 | +5.2% | -12.7% |
| 2025 | +21.6% | +5.7% |
| 2026 | +108.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIND and VXZ good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LIND and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.35 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for LIND?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 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/lind-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lind-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LIND correlations · VXZ correlations
