TGT vs VXZ: Correlation
How closely do Target Corporation (TGT) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TGT and VXZ?
On 3 years of weekly data the TGT/VXZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -187.3 %².
Among the 35 assets we track against TGT, VXZ sits near the bottom by co-movement, at rank #31. Their recent paths diverged sharply: over the last 12 months TGT outperformed by 92.3 percentage points (+76.2% for TGT 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.
TGT vs VXZ: side by side
| TGT (Target Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +76.2% | -16.1% |
| 5-year return | -22.2% | -53.1% |
| Volatility (ann.) | 32.0% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -49.8% | -36.4% |
| Market cap | $75.4B | – |
| P/E (trailing) | 17.2 | – |
| Dividend yield | 2.78% | – |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | TGT | VXZ |
|---|---|---|
| 2022 | -34.2% | +0.5% |
| 2023 | -1.4% | -44.0% |
| 2024 | -2.3% | -12.7% |
| 2025 | -24.5% | +5.7% |
| 2026 | +74.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TGT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, TGT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TGT and VXZ?
The TGT/VXZ correlation stands at -0.23 on a 3-year window (1 year: -0.19, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TGT?
Yes. With a correlation of -0.23, TGT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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/tgt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tgt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TGT correlations · VXZ correlations
