TER vs VXZ: Correlation
Measured on weekly returns over the past three years, Teradyne (TER) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TER and VXZ?
Over the past 3 years, TER and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.38). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -511.6 %².
Out of 34 assets tracked against TER, VXZ lands near the bottom at #33. Their recent paths diverged sharply: over the last 12 months TER outperformed by 234.9 percentage points (+218.8% for TER against -16.1% for VXZ). One caveat on sizing: TER is 2.1 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.
TER vs VXZ: side by side
| TER (Teradyne) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +218.8% | -16.1% |
| 5-year return | +207.9% | -53.1% |
| Volatility (ann.) | 52.5% | 25.6% |
| Beta vs S&P 500 | 1.70 | -1.31 |
| Max drawdown (3Y) | -58.2% | -36.4% |
| Market cap | $58.2B | – |
| P/E (trailing) | 50.0 | – |
| Dividend yield | 0.14% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | TER | VXZ |
|---|---|---|
| 2022 | -46.3% | +0.5% |
| 2023 | +24.8% | -44.0% |
| 2024 | +16.5% | -12.7% |
| 2025 | +54.4% | +5.7% |
| 2026 | +92.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TER and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, TER and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TER and VXZ?
As of 2026-08-27, the correlation of weekly returns between TER and VXZ is -0.38 over 3 years, -0.25 over 1 year and -0.41 over 5 years.
Is VXZ a good diversifier for TER?
Yes. With a correlation of -0.38, TER and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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/ter-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ter-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TER correlations · VXZ correlations
