ROAD vs VXZ: Correlation
Construction Partners, Inc. (ROAD) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROAD and VXZ?
On 3 years of weekly data the ROAD/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -450.7 %².
VXZ is close to the least connected end of ROAD's tracked universe, ranking #9 of 10. The trailing year gives ROAD the advantage: -5.4% versus -16.1%, a 10.7-point spread. One caveat on sizing: ROAD is 1.8 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.
ROAD vs VXZ: side by side
| ROAD (Construction Partners, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.4% | -16.1% |
| 5-year return | +241.9% | -53.1% |
| Volatility (ann.) | 46.3% | 25.6% |
| Beta vs S&P 500 | 1.52 | -1.31 |
| Max drawdown (3Y) | -33.6% | -36.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ROAD | VXZ |
|---|---|---|
| 2022 | -9.2% | +0.5% |
| 2023 | +63.1% | -44.0% |
| 2024 | +103.3% | -12.7% |
| 2025 | +22.7% | +5.7% |
| 2026 | +5.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROAD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, ROAD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ROAD and VXZ?
As of 2026-08-27, the correlation of weekly returns between ROAD and VXZ is -0.38 over 3 years, -0.30 over 1 year and -0.36 over 5 years.
Is VXZ a good diversifier for ROAD?
Yes. With a correlation of -0.38, ROAD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/road-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/road-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ROAD correlations · VXZ correlations
