VTV vs VXZ: Correlation
How closely do Vanguard Value ETF (VTV) 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 -0.72, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VTV and VXZ?
On 3 years of weekly data the VTV/VXZ correlation comes out at -0.72, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.63 lands near the 3-year figure. The 5-year figure is -0.68, and annualized covariance runs at -218.5 %².
Among the 149 assets we track against VTV, VXZ sits near the bottom by co-movement, at rank #149. The last year tells two different stories: VTV led by 41.8 percentage points, +25.7% for VTV against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
VTV vs VXZ: side by side
| VTV (Vanguard Value ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.7% | -16.1% |
| 5-year return | +79.1% | -53.1% |
| Volatility (ann.) | 11.9% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -14.5% | -36.4% |
| Dividend yield | 1.86% | – |
| Expense ratio | 0.03% | – |
| Assets under management | $256.4B | – |
| Sector / category | ETF · US Style | US Listed |
VTV, Vanguard's Large Value fund, carries $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Year-by-year returns
| Year | VTV | VXZ |
|---|---|---|
| 2022 | -2.1% | +0.5% |
| 2023 | +9.3% | -44.0% |
| 2024 | +16.0% | -12.7% |
| 2025 | +15.3% | +5.7% |
| 2026 | +19.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VTV and VXZ good diversifiers for each other?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VTV and VXZ?
The VTV/VXZ correlation stands at -0.72 on a 3-year window (1 year: -0.63, 5 years: -0.68), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VTV?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.72 mean?
A reading of -0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vtv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vtv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VTV correlations · VXZ correlations
