USB vs VXZ: Correlation
Measured on weekly returns over the past three years, U.S. Bancorp (USB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.61, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USB and VXZ?
Across a 3-year window, the weekly returns of USB and VXZ correlate at -0.61, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.55 over 1 year against -0.61 over 3. Stretching to 5 years gives -0.60, with an annualized covariance of -423.6 %².
Among the 55 assets we track against USB, VXZ sits near the bottom by co-movement, at rank #55. The last year tells two different stories: USB led by 49.2 percentage points, +33.1% for USB 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.
USB vs VXZ: side by side
| USB (U.S. Bancorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.1% | -16.1% |
| 5-year return | +36.0% | -53.1% |
| Volatility (ann.) | 27.3% | 25.6% |
| Beta vs S&P 500 | 1.09 | -1.31 |
| Max drawdown (3Y) | -30.6% | -36.4% |
| Market cap | $97.2B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 3.31% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | USB | VXZ |
|---|---|---|
| 2022 | -19.1% | +0.5% |
| 2023 | +4.8% | -44.0% |
| 2024 | +15.6% | -12.7% |
| 2025 | +16.5% | +5.7% |
| 2026 | +19.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USB and VXZ good diversifiers for each other?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between USB and VXZ?
As of 2026-08-27, the correlation of weekly returns between USB and VXZ is -0.61 over 3 years, -0.55 over 1 year and -0.60 over 5 years.
Is VXZ a good diversifier for USB?
Yes: at -0.61, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.61 mean?
A reading of -0.61 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/usb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/usb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: USB correlations · VXZ correlations
