TLRY vs VXZ: Correlation
How closely do Tilray Brands, Inc. (TLRY) 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 -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TLRY and VXZ?
Across a 3-year window, the weekly returns of TLRY and VXZ correlate at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.12) sits close to the 3-year figure. Stretching to 5 years gives -0.24, with an annualized covariance of -451.5 %².
VXZ is close to the least connected end of TLRY's tracked universe, ranking #14 of 15. Correlation aside, the last 12 months split them widely, with VXZ ahead by 50.5 points (-66.6% versus -16.1%). One caveat on sizing: TLRY is 3.4 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.
TLRY vs VXZ: side by side
| TLRY (Tilray Brands, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -66.6% | -16.1% |
| 5-year return | -96.5% | -53.1% |
| Volatility (ann.) | 86.6% | 25.6% |
| Beta vs S&P 500 | 1.37 | -1.31 |
| Max drawdown (3Y) | -89.1% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TLRY | VXZ |
|---|---|---|
| 2022 | -61.7% | +0.5% |
| 2023 | -14.5% | -44.0% |
| 2024 | -42.2% | -12.7% |
| 2025 | -32.1% | +5.7% |
| 2026 | -49.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TLRY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.20, TLRY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TLRY and VXZ?
The TLRY/VXZ correlation stands at -0.20 on a 3-year window (1 year: -0.12, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TLRY?
Yes. With a correlation of -0.20, TLRY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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/tlry-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tlry-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TLRY correlations · VXZ correlations
