STEP vs VXZ: Correlation
StepStone Group Inc. (STEP) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STEP and VXZ?
On 3 years of weekly data the STEP/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.22 versus -0.43 over 3 years. The 5-year figure is -0.50, and annualized covariance runs at -419.9 %².
VXZ is close to the least connected end of STEP's tracked universe, ranking #13 of 15. Their 12-month results are close: -17.1% for STEP against -16.1% for VXZ.
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.
STEP vs VXZ: side by side
| STEP (StepStone Group Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.1% | -16.1% |
| 5-year return | +20.7% | -53.1% |
| Volatility (ann.) | 37.9% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -46.9% | -36.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.25% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | STEP | VXZ |
|---|---|---|
| 2022 | -37.8% | +0.5% |
| 2023 | +31.7% | -44.0% |
| 2024 | +85.9% | -12.7% |
| 2025 | +13.6% | +5.7% |
| 2026 | -19.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STEP and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between STEP and VXZ?
As of 2026-08-27, the correlation of weekly returns between STEP and VXZ is -0.43 over 3 years, -0.22 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for STEP?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 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/step-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/step-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: STEP correlations · VXZ correlations
