M vs VXZ: Correlation
Measured on weekly returns over the past three years, Macy's Inc (M) 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 M and VXZ?
Over the past 3 years, M and VXZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -388.0 %².
Among the 14 assets we track against M, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with M ahead by 87.9 points (+71.8% versus -16.1%). Risk is not evenly split, since M carries 1.9 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.
M vs VXZ: side by side
| M (Macy's Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +71.8% | -16.1% |
| 5-year return | +21.5% | -53.1% |
| Volatility (ann.) | 49.3% | 25.6% |
| Beta vs S&P 500 | 1.06 | -1.31 |
| Max drawdown (3Y) | -51.3% | -36.4% |
| Market cap | $5.9B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 3.24% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | M | VXZ |
|---|---|---|
| 2022 | -18.7% | +0.5% |
| 2023 | +1.6% | -44.0% |
| 2024 | -12.4% | -12.7% |
| 2025 | +36.5% | +5.7% |
| 2026 | +4.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are M and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between M and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.28 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for M?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/m-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/m-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: M correlations · VXZ correlations
