QTWO vs VXZ: Correlation
Q2 Holdings, Inc. (QTWO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTWO and VXZ?
On 3 years of weekly data the QTWO/VXZ correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.29 versus -0.50 over 3 years. The 5-year figure is -0.51, and annualized covariance runs at -531.4 %².
Among the 39 assets we track against QTWO, VXZ sits near the bottom by co-movement, at rank #39. Twelve-month performance is nearly a tie, at -16.0% for QTWO and -16.1% for VXZ. One caveat on sizing: QTWO is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
QTWO vs VXZ: side by side
| QTWO (Q2 Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.0% | -16.1% |
| 5-year return | -24.7% | -53.1% |
| Volatility (ann.) | 41.9% | 25.6% |
| Beta vs S&P 500 | 1.41 | -1.31 |
| Max drawdown (3Y) | -62.0% | -36.4% |
| Market cap | $4.1B | – |
| P/E (trailing) | 45.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QTWO | VXZ |
|---|---|---|
| 2022 | -66.2% | +0.5% |
| 2023 | +61.6% | -44.0% |
| 2024 | +131.9% | -12.7% |
| 2025 | -28.3% | +5.7% |
| 2026 | -9.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTWO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.50, QTWO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QTWO and VXZ?
As of 2026-08-27, the correlation of weekly returns between QTWO and VXZ is -0.50 over 3 years, -0.29 over 1 year and -0.51 over 5 years.
Is VXZ a good diversifier for QTWO?
Yes. With a correlation of -0.50, QTWO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 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/qtwo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qtwo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QTWO correlations · VXZ correlations
