UCIB vs VXZ: Correlation
Measured on weekly returns over the past three years, ETRACS UBS Bloomberg Constant Maturity Commodity Index (UCIB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UCIB and VXZ?
Across a 3-year window, the weekly returns of UCIB and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.24 over 3 years. Stretching to 5 years gives -0.22, with an annualized covariance of -108.1 %².
Out of 11 assets tracked against UCIB, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months UCIB outperformed by 54.6 percentage points (+38.5% for UCIB 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.
UCIB vs VXZ: side by side
| UCIB (ETRACS UBS Bloomberg Constant Maturity Commodity Index) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +38.5% | -16.1% |
| 5-year return | +88.1% | -53.1% |
| Volatility (ann.) | 17.7% | 25.6% |
| Beta vs S&P 500 | 0.28 | -1.31 |
| Max drawdown (3Y) | -22.7% | -36.4% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UCIB | VXZ |
|---|---|---|
| 2022 | +18.2% | +0.5% |
| 2023 | -2.3% | -44.0% |
| 2024 | +6.6% | -12.7% |
| 2025 | +9.0% | +5.7% |
| 2026 | +32.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UCIB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between UCIB and VXZ?
As of 2026-08-27, the correlation of weekly returns between UCIB and VXZ is -0.24 over 3 years, -0.04 over 1 year and -0.22 over 5 years.
Is VXZ a good diversifier for UCIB?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ucib-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ucib-vs-vxz/)
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Related comparisons
Hubs: UCIB correlations · VXZ correlations
