TFII vs VXZ: Correlation
Measured on weekly returns over the past three years, TFI International Inc. (TFII) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TFII and VXZ?
Across a 3-year window, the weekly returns of TFII and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -276.5 %².
VXZ is close to the least connected end of TFII's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months TFII outperformed by 62.0 percentage points (+45.9% for TFII 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.
TFII vs VXZ: side by side
| TFII (TFI International Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +45.9% | -16.1% |
| 5-year return | +27.7% | -53.1% |
| Volatility (ann.) | 35.1% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -53.8% | -36.4% |
| Market cap | $11.2B | – |
| P/E (trailing) | 33.2 | – |
| Dividend yield | 1.38% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TFII | VXZ |
|---|---|---|
| 2022 | -9.5% | +0.5% |
| 2023 | +37.3% | -44.0% |
| 2024 | +0.5% | -12.7% |
| 2025 | -22.7% | +5.7% |
| 2026 | +32.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TFII and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between TFII and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.28 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for TFII?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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/tfii-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tfii-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TFII correlations · VXZ correlations
