VXX vs VXZ: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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 0.93, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and VXZ?
Across a 3-year window, the weekly returns of VXX and VXZ correlate at 0.93, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.88 over 1 year against 0.93 over 3. Stretching to 5 years gives 0.90, with an annualized covariance of 1452.5 %².
In VXX's tracked universe of 2872 assets, VXZ sits right near the top at #1. Correlation aside, the last 12 months split them widely, with VXZ ahead by 33.6 points (-49.7% versus -16.1%). Note the risk asymmetry: VXX runs 2.4 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.
VXX vs VXZ: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -49.7% | -16.1% |
| 5-year return | -95.6% | -53.1% |
| Volatility (ann.) | 60.9% | 25.6% |
| Beta vs S&P 500 | -3.31 | -1.31 |
| Max drawdown (3Y) | -83.3% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | VXZ |
|---|---|---|
| 2022 | -23.8% | +0.5% |
| 2023 | -72.5% | -44.0% |
| 2024 | -26.2% | -12.7% |
| 2025 | -42.2% | +5.7% |
| 2026 | -31.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and VXZ good diversifiers for each other?
No: a correlation of 0.93 means VXX and VXZ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between VXX and VXZ?
The VXX/VXZ correlation stands at 0.93 on a 3-year window (1 year: 0.88, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VXX?
No: a correlation of 0.93 means VXX and VXZ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.93 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/vxx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · VXZ correlations
