VSEC vs VXZ: Correlation
VSE Corporation (VSEC) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VSEC and VXZ?
On 3 years of weekly data the VSEC/VXZ correlation comes out at -0.47, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.50) sits close to the 3-year figure. The 5-year figure is -0.49, and annualized covariance runs at -540.9 %².
Among the 14 assets we track against VSEC, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with VSEC ahead by 50.3 points (+34.2% versus -16.1%). One caveat on sizing: VSEC 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.
VSEC vs VXZ: side by side
| VSEC (VSE Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.2% | -16.1% |
| 5-year return | +365.5% | -53.1% |
| Volatility (ann.) | 44.9% | 25.6% |
| Beta vs S&P 500 | 1.52 | -1.31 |
| Max drawdown (3Y) | -30.3% | -36.4% |
| Market cap | $6.2B | – |
| P/E (trailing) | 72.5 | – |
| Dividend yield | 0.18% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VSEC | VXZ |
|---|---|---|
| 2022 | -22.4% | +0.5% |
| 2023 | +38.9% | -44.0% |
| 2024 | +47.9% | -12.7% |
| 2025 | +82.3% | +5.7% |
| 2026 | +28.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VSEC and VXZ good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VSEC and VXZ?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.50 over the last year and -0.49 over 5 years.
Is VXZ a good diversifier for VSEC?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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/vsec-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vsec-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VSEC correlations · VXZ correlations
