VLY vs VXZ: Correlation
Valley National Bancorp (VLY) 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 -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VLY and VXZ?
On 3 years of weekly data the VLY/VXZ correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -401.8 %².
Out of 17 assets tracked against VLY, VXZ lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with VLY ahead by 54.0 points (+37.9% 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.
VLY vs VXZ: side by side
| VLY (Valley National Bancorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.9% | -16.1% |
| 5-year return | +32.9% | -53.1% |
| Volatility (ann.) | 32.8% | 25.6% |
| Beta vs S&P 500 | 0.93 | -1.31 |
| Max drawdown (3Y) | -39.5% | -36.4% |
| Market cap | $7.7B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 3.12% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VLY | VXZ |
|---|---|---|
| 2022 | -14.6% | +0.5% |
| 2023 | +0.7% | -44.0% |
| 2024 | -11.9% | -12.7% |
| 2025 | +34.8% | +5.7% |
| 2026 | +21.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VLY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.48, VLY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VLY and VXZ?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.43 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for VLY?
Yes. With a correlation of -0.48, VLY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/vly-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vly-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VLY correlations · VXZ correlations
