UAA vs VXZ: Correlation
Under Armour, Inc. (UAA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UAA and VXZ?
Over the past 3 years, UAA and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -398.4 %².
VXZ is close to the least connected end of UAA's tracked universe, ranking #10 of 11. The last year tells two different stories: UAA led by 16.7 percentage points, +0.6% for UAA against -16.1% for VXZ. Risk is not evenly split, since UAA carries 1.9 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.
UAA vs VXZ: side by side
| UAA (Under Armour, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.6% | -16.1% |
| 5-year return | -79.0% | -53.1% |
| Volatility (ann.) | 49.2% | 25.6% |
| Beta vs S&P 500 | 0.99 | -1.31 |
| Max drawdown (3Y) | -62.5% | -36.4% |
| Market cap | $2.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UAA | VXZ |
|---|---|---|
| 2022 | -52.1% | +0.5% |
| 2023 | -13.5% | -44.0% |
| 2024 | -5.8% | -12.7% |
| 2025 | -40.0% | +5.7% |
| 2026 | +2.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UAA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, UAA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UAA and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.35 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for UAA?
Yes. With a correlation of -0.32, UAA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/uaa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/uaa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UAA correlations · VXZ correlations
