VNOM vs VXZ: Correlation
Viper Energy, Inc. (VNOM) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VNOM and VXZ?
Over the past 3 years, VNOM and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.07) than the 3-year average (-0.26). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -208.6 %².
Among the 13 assets we track against VNOM, VXZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months VNOM outperformed by 36.6 percentage points (+20.5% for VNOM against -16.1% for VXZ).
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.
VNOM vs VXZ: side by side
| VNOM (Viper Energy, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.5% | -16.1% |
| 5-year return | +230.6% | -53.1% |
| Volatility (ann.) | 31.8% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -34.5% | -36.4% |
| Market cap | $23.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.54% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VNOM | VXZ |
|---|---|---|
| 2022 | +61.7% | +0.5% |
| 2023 | +4.8% | -44.0% |
| 2024 | +65.5% | -12.7% |
| 2025 | -16.6% | +5.7% |
| 2026 | +20.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VNOM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between VNOM and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.07 over the last year and -0.25 over 5 years.
Is VXZ a good diversifier for VNOM?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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/vnom-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vnom-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VNOM correlations · VXZ correlations
