LMND vs VXZ: Correlation
How closely do Lemonade, Inc. (LMND) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LMND and VXZ?
On 3 years of weekly data the LMND/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.35). The 5-year figure is -0.37, and annualized covariance runs at -758.9 %².
VXZ is close to the least connected end of LMND's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with LMND ahead by 16.0 points (-0.1% versus -16.1%). Risk is not evenly split, since LMND carries 3.3 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.
LMND vs VXZ: side by side
| LMND (Lemonade, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -16.1% |
| 5-year return | -28.5% | -53.1% |
| Volatility (ann.) | 84.2% | 25.6% |
| Beta vs S&P 500 | 2.01 | -1.31 |
| Max drawdown (3Y) | -51.5% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LMND | VXZ |
|---|---|---|
| 2022 | -67.5% | +0.5% |
| 2023 | +17.9% | -44.0% |
| 2024 | +127.4% | -12.7% |
| 2025 | +94.1% | +5.7% |
| 2026 | -24.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LMND and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LMND and VXZ?
As of 2026-08-27, the correlation of weekly returns between LMND and VXZ is -0.35 over 3 years, -0.22 over 1 year and -0.37 over 5 years.
Is VXZ a good diversifier for LMND?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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/lmnd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lmnd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LMND correlations · VXZ correlations
