VXX vs Z: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zillow Group, Inc. - Class C Capital Stock (Z) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and Z?
Over the past 3 years, VXX and Z moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.36 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1006.8 %².
By 3-year correlation, Z places #1618 of the 2872 assets tracked against VXX. Over the last 12 months VXX came out ahead by 8.2 percentage points (-49.7% against -57.9%).
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 Z: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | -49.7% | -57.9% |
| 5-year return | -95.6% | -63.1% |
| Volatility (ann.) | 60.9% | 46.2% |
| Beta vs S&P 500 | -3.31 | 1.30 |
| Max drawdown (3Y) | -83.3% | -67.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | – | 154.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | Z |
|---|---|---|
| 2022 | -23.8% | -49.6% |
| 2023 | -72.5% | +79.6% |
| 2024 | -26.2% | +28.0% |
| 2025 | -42.2% | -7.9% |
| 2026 | -31.6% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and Z good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and Z?
As of 2026-08-27, the correlation of weekly returns between VXX and Z is -0.36 over 3 years, -0.24 over 1 year and -0.32 over 5 years.
Is Z a good diversifier for VXX?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 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/vxx-vs-z.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxx-vs-z/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · Z correlations
