VNO vs VXZ: Correlation
Vornado Realty Trust (VNO) 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 -0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VNO and VXZ?
On 3 years of weekly data the VNO/VXZ correlation comes out at -0.51, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.52 over 1 year against -0.51 over 3. The 5-year figure is -0.52, and annualized covariance runs at -506.2 %².
Out of 16 assets tracked against VNO, VXZ lands near the bottom at #16. Correlation aside, the last 12 months split them widely, with VNO ahead by 21.2 points (+5.1% versus -16.1%). Risk is not evenly split, since VNO carries 1.5 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.
VNO vs VXZ: side by side
| VNO (Vornado Realty Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.1% | -16.1% |
| 5-year return | +8.4% | -53.1% |
| Volatility (ann.) | 39.1% | 25.6% |
| Beta vs S&P 500 | 1.34 | -1.31 |
| Max drawdown (3Y) | -43.9% | -36.4% |
| Market cap | $7.7B | – |
| P/E (trailing) | 1290.7 | – |
| Dividend yield | 1.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VNO | VXZ |
|---|---|---|
| 2022 | -46.7% | +0.5% |
| 2023 | +39.5% | -44.0% |
| 2024 | +51.3% | -12.7% |
| 2025 | -19.1% | +5.7% |
| 2026 | +16.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VNO and VXZ good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VNO and VXZ?
As of 2026-08-27, the correlation of weekly returns between VNO and VXZ is -0.51 over 3 years, -0.52 over 1 year and -0.52 over 5 years.
Is VXZ a good diversifier for VNO?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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/vno-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vno-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VNO correlations · VXZ correlations
