VMC vs VXZ: Correlation
Vulcan Materials Company (VMC) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VMC and VXZ?
On 3 years of weekly data the VMC/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.47) sits close to the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -252.6 %².
VXZ is close to the least connected end of VMC's tracked universe, ranking #34 of 34. Over the last 12 months VMC came out ahead by 10.9 percentage points (-5.2% against -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.
VMC vs VXZ: side by side
| VMC (Vulcan Materials Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.2% | -16.1% |
| 5-year return | +53.2% | -53.1% |
| Volatility (ann.) | 25.2% | 25.6% |
| Beta vs S&P 500 | 0.82 | -1.31 |
| Max drawdown (3Y) | -24.4% | -36.4% |
| Market cap | $35.5B | – |
| P/E (trailing) | 32.3 | – |
| Dividend yield | 0.74% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | VMC | VXZ |
|---|---|---|
| 2022 | -14.9% | +0.5% |
| 2023 | +30.8% | -44.0% |
| 2024 | +14.1% | -12.7% |
| 2025 | +11.7% | +5.7% |
| 2026 | -3.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VMC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between VMC and VXZ?
The VMC/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.47, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VMC?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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/vmc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vmc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VMC correlations · VXZ correlations
