UNB vs VXZ: Correlation
Measured on weekly returns over the past three years, Union Bankshares, Inc. (UNB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UNB and VXZ?
On 3 years of weekly data the UNB/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.16 versus -0.27 over 3 years. The 5-year figure is -0.25, and annualized covariance runs at -242.1 %².
VXZ is close to the least connected end of UNB's tracked universe, ranking #11 of 12. Over the last 12 months UNB came out ahead by 10.6 percentage points (-5.5% against -16.1%).
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.
UNB vs VXZ: side by side
| UNB (Union Bankshares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.5% | -16.1% |
| 5-year return | -7.4% | -53.1% |
| Volatility (ann.) | 34.7% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -40.1% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 6.13% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UNB | VXZ |
|---|---|---|
| 2022 | -15.4% | +0.5% |
| 2023 | +35.3% | -44.0% |
| 2024 | -0.7% | -12.7% |
| 2025 | -13.8% | +5.7% |
| 2026 | +3.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UNB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, UNB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UNB and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.16 over the last year and -0.25 over 5 years.
Is VXZ a good diversifier for UNB?
Yes. With a correlation of -0.27, UNB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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/unb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/unb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UNB correlations · VXZ correlations
