LMB vs VXZ: Correlation
Limbach Holdings, Inc. (LMB) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LMB and VXZ?
Over the past 3 years, LMB and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.35). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -544.2 %².
Among the 12 assets we track against LMB, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 50.8 percentage points (-66.9% for LMB against -16.1% for VXZ). Note the risk asymmetry: LMB runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
LMB vs VXZ: side by side
| LMB (Limbach Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -66.9% | -16.1% |
| 5-year return | +417.7% | -53.1% |
| Volatility (ann.) | 60.8% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -72.1% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LMB | VXZ |
|---|---|---|
| 2022 | +15.7% | +0.5% |
| 2023 | +336.8% | -44.0% |
| 2024 | +88.1% | -12.7% |
| 2025 | -9.0% | +5.7% |
| 2026 | -46.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LMB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between LMB and VXZ?
The LMB/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.18, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for LMB?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/lmb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lmb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LMB correlations · VXZ correlations
