TEX vs VXZ: Correlation
Measured on weekly returns over the past three years, Terex Corporation (TEX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TEX and VXZ?
On 3 years of weekly data the TEX/VXZ correlation comes out at -0.53, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.45 lands near the 3-year figure. The 5-year figure is -0.56, and annualized covariance runs at -558.7 %².
Out of 23 assets tracked against TEX, VXZ lands near the bottom at #23. The last year tells two different stories: TEX led by 40.3 percentage points, +24.2% for TEX against -16.1% for VXZ. Risk is not evenly split, since TEX carries 1.6 times the volatility of the other side.
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.
TEX vs VXZ: side by side
| TEX (Terex Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.2% | -16.1% |
| 5-year return | +31.7% | -53.1% |
| Volatility (ann.) | 41.0% | 25.6% |
| Beta vs S&P 500 | 1.38 | -1.31 |
| Max drawdown (3Y) | -51.3% | -36.4% |
| Market cap | $7.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 1.04% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TEX | VXZ |
|---|---|---|
| 2022 | -1.4% | +0.5% |
| 2023 | +36.1% | -44.0% |
| 2024 | -18.6% | -12.7% |
| 2025 | +17.3% | +5.7% |
| 2026 | +21.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TEX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between TEX and VXZ?
As of 2026-08-27, the correlation of weekly returns between TEX and VXZ is -0.53 over 3 years, -0.45 over 1 year and -0.56 over 5 years.
Is VXZ a good diversifier for TEX?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
A reading of -0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tex-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tex-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TEX correlations · VXZ correlations
