TFX vs VXZ: Correlation
How closely do Teleflex Incorporated (TFX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TFX and VXZ?
On 3 years of weekly data the TFX/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -217.6 %².
VXZ is close to the least connected end of TFX's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months TFX outperformed by 23.6 percentage points (+7.5% for TFX 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.
TFX vs VXZ: side by side
| TFX (Teleflex Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.5% | -16.1% |
| 5-year return | -63.6% | -53.1% |
| Volatility (ann.) | 35.0% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -60.1% | -36.4% |
| Market cap | $5.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TFX | VXZ |
|---|---|---|
| 2022 | -23.6% | +0.5% |
| 2023 | +0.5% | -44.0% |
| 2024 | -28.2% | -12.7% |
| 2025 | -30.7% | +5.7% |
| 2026 | +13.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TFX and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TFX and VXZ?
As of 2026-08-27, the correlation of weekly returns between TFX and VXZ is -0.24 over 3 years, -0.19 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for TFX?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/tfx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tfx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TFX correlations · VXZ correlations
