UPS vs VXZ: Correlation
United Parcel Service (UPS) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UPS and VXZ?
On 3 years of weekly data the UPS/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. The 5-year figure is -0.40, and annualized covariance runs at -272.9 %².
VXZ is close to the least connected end of UPS's tracked universe, ranking #34 of 34. The last year tells two different stories: UPS led by 44.3 percentage points, +28.2% for UPS 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.
UPS vs VXZ: side by side
| UPS (United Parcel Service) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.2% | -16.1% |
| 5-year return | -31.0% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -46.5% | -36.4% |
| Market cap | $89.9B | – |
| P/E (trailing) | 19.6 | – |
| Dividend yield | 6.21% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | UPS | VXZ |
|---|---|---|
| 2022 | -16.2% | +0.5% |
| 2023 | -6.0% | -44.0% |
| 2024 | -15.9% | -12.7% |
| 2025 | -15.9% | +5.7% |
| 2026 | +11.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UPS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, UPS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UPS and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.36 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for UPS?
Yes. With a correlation of -0.36, UPS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/ups-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ups-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UPS correlations · VXZ correlations
