VOO vs VXZ: Correlation
How closely do Vanguard S&P 500 ETF (VOO) 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 -0.74, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VOO and VXZ?
Across a 3-year window, the weekly returns of VOO and VXZ correlate at -0.74, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.68 lands near the 3-year figure. Stretching to 5 years gives -0.71, with an annualized covariance of -272.3 %².
Among the 124 assets we track against VOO, VXZ sits near the bottom by co-movement, at rank #122. The last year tells two different stories: VOO led by 36.7 percentage points, +20.6% for VOO against -16.1% for VXZ. One caveat on sizing: VXZ is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
VOO vs VXZ: side by side
| VOO (Vanguard S&P 500 ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.6% | -16.1% |
| 5-year return | +83.0% | -53.1% |
| Volatility (ann.) | 14.4% | 25.6% |
| Beta vs S&P 500 | 0.99 | -1.31 |
| Max drawdown (3Y) | -18.7% | -36.4% |
| Dividend yield | 1.07% | – |
| Expense ratio | 0.03% | – |
| Assets under management | $1,686.9B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, VOO sits in the Large Blend category at Vanguard, with $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | VOO | VXZ |
|---|---|---|
| 2022 | -18.2% | +0.5% |
| 2023 | +26.3% | -44.0% |
| 2024 | +25.0% | -12.7% |
| 2025 | +17.8% | +5.7% |
| 2026 | +13.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
FAQ
What is the correlation between VOO and VXZ?
The VOO/VXZ correlation stands at -0.74 on a 3-year window (1 year: -0.68, 5 years: -0.71), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VOO?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
What does a correlation of -0.74 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/voo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/voo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VOO correlations · VXZ correlations
