VSXY vs VXZ: Correlation
How closely do Victorias Secret & Co. (VSXY) 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 -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VSXY and VXZ?
Across a 3-year window, the weekly returns of VSXY and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.37 over 3. Stretching to 5 years gives -0.33, with an annualized covariance of -701.4 %².
VXZ is close to the least connected end of VSXY's tracked universe, ranking #12 of 13. The last year tells two different stories: VSXY led by 309.9 percentage points, +293.8% for VSXY against -16.1% for VXZ. Risk is not evenly split, since VSXY carries 2.9 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.
VSXY vs VXZ: side by side
| VSXY (Victorias Secret & Co.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +293.8% | -16.1% |
| 5-year return | +34.1% | -53.1% |
| Volatility (ann.) | 74.0% | 25.6% |
| Beta vs S&P 500 | 1.73 | -1.31 |
| Max drawdown (3Y) | -69.5% | -36.4% |
| Market cap | $7.1B | – |
| P/E (trailing) | 35.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VSXY | VXZ |
|---|---|---|
| 2022 | -35.6% | +0.5% |
| 2023 | -25.8% | -44.0% |
| 2024 | +56.1% | -12.7% |
| 2025 | +30.8% | +5.7% |
| 2026 | +65.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VSXY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, VSXY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VSXY and VXZ?
As of 2026-08-27, the correlation of weekly returns between VSXY and VXZ is -0.37 over 3 years, -0.43 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for VSXY?
Yes. With a correlation of -0.37, VSXY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/vsxy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vsxy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VSXY correlations · VXZ correlations
