VIK vs VXZ: Correlation
How closely do Viking Holdings Ltd (VIK) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VIK and VXZ?
On 3 years of weekly data the VIK/VXZ correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.45 over 3. The 5-year figure is n/a, and annualized covariance runs at -381.8 %².
VXZ is close to the least connected end of VIK's tracked universe, ranking #20 of 21. Correlation aside, the last 12 months split them widely, with VIK ahead by 58.8 points (+42.7% 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.
VIK vs VXZ: side by side
| VIK (Viking Holdings Ltd) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +42.7% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 33.6% | 25.6% |
| Beta vs S&P 500 | 1.31 | -1.31 |
| Max drawdown (3Y) | -35.4% | -36.4% |
| Market cap | $40.1B | – |
| P/E (trailing) | 30.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VIK | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | – | -12.7% |
| 2025 | +62.1% | +5.7% |
| 2026 | +25.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VIK and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VIK and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.42 over the last year and n/a over 5 years.
Is VXZ a good diversifier for VIK?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/vik-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vik-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VIK correlations · VXZ correlations
