VECO vs VXZ: Correlation
Veeco Instruments Inc. (VECO) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VECO and VXZ?
Across a 3-year window, the weekly returns of VECO and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.33). Stretching to 5 years gives -0.37, with an annualized covariance of -418.8 %².
Out of 13 assets tracked against VECO, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with VECO ahead by 111.7 points (+95.6% versus -16.1%). Risk is not evenly split, since VECO carries 1.9 times the volatility of the other side.
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.
VECO vs VXZ: side by side
| VECO (Veeco Instruments Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +95.6% | -16.1% |
| 5-year return | +105.2% | -53.1% |
| Volatility (ann.) | 49.1% | 25.6% |
| Beta vs S&P 500 | 1.57 | -1.31 |
| Max drawdown (3Y) | -64.2% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | 120.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VECO | VXZ |
|---|---|---|
| 2022 | -34.7% | +0.5% |
| 2023 | +67.0% | -44.0% |
| 2024 | -13.6% | -12.7% |
| 2025 | +6.6% | +5.7% |
| 2026 | +64.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VECO and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VECO and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.06 over the last year and -0.37 over 5 years.
Is VXZ a good diversifier for VECO?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 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/veco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/veco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VECO correlations · VXZ correlations
