LPG vs VXZ: Correlation
Measured on weekly returns over the past three years, Dorian LPG Ltd. (LPG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LPG and VXZ?
On 3 years of weekly data the LPG/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.27). The 5-year figure is -0.29, and annualized covariance runs at -323.6 %².
VXZ is close to the least connected end of LPG's tracked universe, ranking #10 of 11. The last year tells two different stories: LPG led by 84.4 percentage points, +68.3% for LPG against -16.1% for VXZ. Risk is not evenly split, since LPG carries 1.8 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.
LPG vs VXZ: side by side
| LPG (Dorian LPG Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +68.3% | -16.1% |
| 5-year return | +725.0% | -53.1% |
| Volatility (ann.) | 47.1% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -62.9% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.4 | – |
| Dividend yield | 6.99% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LPG | VXZ |
|---|---|---|
| 2022 | +109.6% | +0.5% |
| 2023 | +171.4% | -44.0% |
| 2024 | -37.8% | -12.7% |
| 2025 | +9.8% | +5.7% |
| 2026 | +116.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LPG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, LPG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LPG and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.04 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for LPG?
Yes. With a correlation of -0.27, LPG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/lpg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lpg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LPG correlations · VXZ correlations
