VXX vs ZBH: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zimmer Biomet (ZBH) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZBH?
On 3 years of weekly data the VXX/ZBH correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.30 over 3 years. The 5-year figure is -0.35, and annualized covariance runs at -460.9 %².
Within VXX's tracked universe of 2872 assets, ZBH comes in at #992 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZBH ahead by 43.8 points (-49.7% versus -5.9%). One caveat on sizing: VXX is 2.4 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.
VXX vs ZBH: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | -49.7% | -5.9% |
| 5-year return | -95.6% | -28.6% |
| Volatility (ann.) | 60.9% | 24.9% |
| Beta vs S&P 500 | -3.31 | 0.51 |
| Max drawdown (3Y) | -83.3% | -38.8% |
| Market cap | – | $19.0B |
| P/E (trailing) | – | 24.6 |
| Dividend yield | 0.00% | 0.95% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | VXX | ZBH |
|---|---|---|
| 2022 | -23.8% | +4.2% |
| 2023 | -72.5% | -3.8% |
| 2024 | -26.2% | -12.5% |
| 2025 | -42.2% | -14.0% |
| 2026 | -31.6% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZBH good diversifiers for each other?
Yes. With a correlation of -0.30, VXX and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZBH?
As of 2026-08-27, the correlation of weekly returns between VXX and ZBH is -0.30 over 3 years, -0.17 over 1 year and -0.35 over 5 years.
Is ZBH a good diversifier for VXX?
Yes. With a correlation of -0.30, VXX and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 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-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · ZBH correlations
