UAL vs VXZ: Correlation
Measured on weekly returns over the past three years, United Airlines Holdings (UAL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UAL and VXZ?
On 3 years of weekly data the UAL/VXZ correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.55 versus -0.44 over 3 years. The 5-year figure is -0.47, and annualized covariance runs at -527.5 %².
Among the 33 assets we track against UAL, VXZ sits near the bottom by co-movement, at rank #33. Their recent paths diverged sharply: over the last 12 months UAL outperformed by 23.9 percentage points (+7.8% for UAL against -16.1% for VXZ). Risk is not evenly split, since UAL carries 1.8 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.
UAL vs VXZ: side by side
| UAL (United Airlines Holdings) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.8% | -16.1% |
| 5-year return | +144.8% | -53.1% |
| Volatility (ann.) | 46.6% | 25.6% |
| Beta vs S&P 500 | 1.33 | -1.31 |
| Max drawdown (3Y) | -49.2% | -36.4% |
| Market cap | $36.5B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | UAL | VXZ |
|---|---|---|
| 2022 | -13.9% | +0.5% |
| 2023 | +9.4% | -44.0% |
| 2024 | +135.3% | -12.7% |
| 2025 | +15.2% | +5.7% |
| 2026 | +0.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UAL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.44, UAL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UAL and VXZ?
As of 2026-08-27, the correlation of weekly returns between UAL and VXZ is -0.44 over 3 years, -0.55 over 1 year and -0.47 over 5 years.
Is VXZ a good diversifier for UAL?
Yes. With a correlation of -0.44, UAL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 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/ual-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ual-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UAL correlations · VXZ correlations
