MOV vs VXZ: Correlation
Measured on weekly returns over the past three years, Movado Group Inc. (MOV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MOV and VXZ?
Over the past 3 years, MOV and VXZ moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.48 over 3. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -481.9 %².
Out of 18 assets tracked against MOV, VXZ lands near the bottom at #17. The last year tells two different stories: MOV led by 125.3 percentage points, +109.2% for MOV against -16.1% for VXZ. Note the risk asymmetry: MOV runs 1.5 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.
MOV vs VXZ: side by side
| MOV (Movado Group Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +109.2% | -16.1% |
| 5-year return | +29.6% | -53.1% |
| Volatility (ann.) | 39.1% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -55.1% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 2.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MOV | VXZ |
|---|---|---|
| 2022 | -19.7% | +0.5% |
| 2023 | +2.0% | -44.0% |
| 2024 | -30.6% | -12.7% |
| 2025 | +13.9% | +5.7% |
| 2026 | +71.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MOV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between MOV and VXZ?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.43 over the last year and -0.41 over 5 years.
Is VXZ a good diversifier for MOV?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
A reading of -0.48 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/mov-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mov-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MOV correlations · VXZ correlations
