ULBI vs VXZ: Correlation
How closely do Ultralife Corporation (ULBI) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ULBI and VXZ?
On 3 years of weekly data the ULBI/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.33 over 3. The 5-year figure is -0.24, and annualized covariance runs at -500.0 %².
Among the 13 assets we track against ULBI, VXZ sits near the bottom by co-movement, at rank #11. Over the last 12 months ULBI came out ahead by 10.4 percentage points (-5.7% against -16.1%). Risk is not evenly split, since ULBI carries 2.3 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.
ULBI vs VXZ: side by side
| ULBI (Ultralife Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.7% | -16.1% |
| 5-year return | -19.1% | -53.1% |
| Volatility (ann.) | 59.1% | 25.6% |
| Beta vs S&P 500 | 1.74 | -1.31 |
| Max drawdown (3Y) | -68.8% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ULBI | VXZ |
|---|---|---|
| 2022 | -36.1% | +0.5% |
| 2023 | +76.7% | -44.0% |
| 2024 | +9.2% | -12.7% |
| 2025 | -23.2% | +5.7% |
| 2026 | +13.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ULBI and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ULBI and VXZ?
As of 2026-08-27, the correlation of weekly returns between ULBI and VXZ is -0.33 over 3 years, -0.27 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for ULBI?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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/ulbi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ulbi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ULBI correlations · VXZ correlations
