USA vs VXZ: Correlation
Measured on weekly returns over the past three years, Liberty All-Star Equity Fund (USA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.65, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USA and VXZ?
Over the past 3 years, USA and VXZ moved with a correlation of -0.65, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.66 over 1 year against -0.65 over 3. Over 5 years the correlation is -0.60, and the annualized covariance of weekly returns is -253.6 %².
Among the 31 assets we track against USA, VXZ sits near the bottom by co-movement, at rank #29. Their recent paths diverged sharply: over the last 12 months USA outperformed by 17.7 percentage points (+1.6% for USA against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
USA vs VXZ: side by side
| USA (Liberty All-Star Equity Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.6% | -16.1% |
| 5-year return | +18.1% | -53.1% |
| Volatility (ann.) | 15.2% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -17.7% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 11.19% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | USA | VXZ |
|---|---|---|
| 2022 | -25.2% | +0.5% |
| 2023 | +23.2% | -44.0% |
| 2024 | +20.8% | -12.7% |
| 2025 | +0.1% | +5.7% |
| 2026 | +3.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.65, USA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between USA and VXZ?
Using weekly returns as of 2026-08-27: -0.65 over 3 years, with -0.66 over the last year and -0.60 over 5 years.
Is VXZ a good diversifier for USA?
Yes. With a correlation of -0.65, USA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.65 mean?
A reading of -0.65 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/usa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/usa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: USA correlations · VXZ correlations
