RAIL vs VXZ: Correlation
How closely do Freightcar America, Inc. (RAIL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RAIL and VXZ?
Across a 3-year window, the weekly returns of RAIL and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.33 over 3. Stretching to 5 years gives -0.31, with an annualized covariance of -635.0 %².
Out of 11 assets tracked against RAIL, VXZ lands near the bottom at #11. Twelve-month performance is nearly a tie, at -16.1% for RAIL and -16.1% for VXZ. Note the risk asymmetry: RAIL runs 2.9 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.
RAIL vs VXZ: side by side
| RAIL (Freightcar America, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.1% | -16.1% |
| 5-year return | +36.6% | -53.1% |
| Volatility (ann.) | 75.3% | 25.6% |
| Beta vs S&P 500 | 1.84 | -1.31 |
| Max drawdown (3Y) | -71.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RAIL | VXZ |
|---|---|---|
| 2022 | -13.3% | +0.5% |
| 2023 | -15.6% | -44.0% |
| 2024 | +231.9% | -12.7% |
| 2025 | +23.5% | +5.7% |
| 2026 | -34.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RAIL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between RAIL and VXZ?
As of 2026-08-27, the correlation of weekly returns between RAIL and VXZ is -0.33 over 3 years, -0.29 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for RAIL?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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/rail-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rail-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RAIL correlations · VXZ correlations
