OUT vs VXZ: Correlation
Measured on weekly returns over the past three years, OUTFRONT Media Inc. (OUT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OUT and VXZ?
On 3 years of weekly data the OUT/VXZ correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.23) than the 3-year average (-0.44). The 5-year figure is -0.48, and annualized covariance runs at -421.1 %².
Out of 15 assets tracked against OUT, VXZ lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with OUT ahead by 82.9 points (+66.8% versus -16.1%).
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.
OUT vs VXZ: side by side
| OUT (OUTFRONT Media Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +66.8% | -16.1% |
| 5-year return | +65.9% | -53.1% |
| Volatility (ann.) | 37.2% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -32.0% | -36.4% |
| Market cap | $5.3B | – |
| P/E (trailing) | 21.9 | – |
| Dividend yield | 3.92% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OUT | VXZ |
|---|---|---|
| 2022 | -34.4% | +0.5% |
| 2023 | -8.0% | -44.0% |
| 2024 | +40.6% | -12.7% |
| 2025 | +41.5% | +5.7% |
| 2026 | +27.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OUT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.44, OUT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OUT and VXZ?
The OUT/VXZ correlation stands at -0.44 on a 3-year window (1 year: -0.23, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OUT?
Yes. With a correlation of -0.44, OUT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 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/out-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/out-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OUT correlations · VXZ correlations
