UNP vs VXZ: Correlation
Union Pacific Corporation (UNP) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UNP and VXZ?
On 3 years of weekly data the UNP/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.38 over 3 years. The 5-year figure is -0.39, and annualized covariance runs at -198.3 %².
VXZ is close to the least connected end of UNP's tracked universe, ranking #33 of 33. Correlation aside, the last 12 months split them widely, with UNP ahead by 58.5 points (+42.4% versus -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.
UNP vs VXZ: side by side
| UNP (Union Pacific Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +42.4% | -16.1% |
| 5-year return | +56.5% | -53.1% |
| Volatility (ann.) | 20.6% | 25.6% |
| Beta vs S&P 500 | 0.56 | -1.31 |
| Max drawdown (3Y) | -17.8% | -36.4% |
| Market cap | $182.8B | – |
| P/E (trailing) | 25.1 | – |
| Dividend yield | 1.78% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | UNP | VXZ |
|---|---|---|
| 2022 | -15.9% | +0.5% |
| 2023 | +21.6% | -44.0% |
| 2024 | -5.1% | -12.7% |
| 2025 | +3.9% | +5.7% |
| 2026 | +34.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UNP and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between UNP and VXZ?
The UNP/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.11, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for UNP?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/unp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/unp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UNP correlations · VXZ correlations
