TROX vs VXZ: Correlation
Measured on weekly returns over the past three years, Tronox Holdings plc (TROX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TROX and VXZ?
Across a 3-year window, the weekly returns of TROX and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.39 over 3 years. Stretching to 5 years gives -0.41, with an annualized covariance of -691.1 %².
Among the 17 assets we track against TROX, VXZ sits near the bottom by co-movement, at rank #16. The last year tells two different stories: TROX led by 53.2 percentage points, +37.1% for TROX against -16.1% for VXZ. Risk is not evenly split, since TROX carries 2.7 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.
TROX vs VXZ: side by side
| TROX (Tronox Holdings plc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.1% | -16.1% |
| 5-year return | -67.8% | -53.1% |
| Volatility (ann.) | 69.1% | 25.6% |
| Beta vs S&P 500 | 1.88 | -1.31 |
| Max drawdown (3Y) | -84.5% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TROX | VXZ |
|---|---|---|
| 2022 | -41.1% | +0.5% |
| 2023 | +7.4% | -44.0% |
| 2024 | -26.4% | -12.7% |
| 2025 | -55.6% | +5.7% |
| 2026 | +34.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TROX and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TROX and VXZ?
The TROX/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.24, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TROX?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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/trox-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/trox-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TROX correlations · VXZ correlations
