VXX vs ZBRA: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zebra Technologies (ZBRA) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZBRA?
On 3 years of weekly data the VXX/ZBRA correlation comes out at -0.47, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.47). The 5-year figure is -0.47, and annualized covariance runs at -1175.2 %².
Within VXX's tracked universe of 2872 assets, ZBRA comes in at #2434 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZBRA outperformed by 62.0 percentage points (-49.7% for VXX against +12.3% for ZBRA).
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 ZBRA: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | -49.7% | +12.3% |
| 5-year return | -95.6% | -38.2% |
| Volatility (ann.) | 60.9% | 40.8% |
| Beta vs S&P 500 | -3.31 | 1.54 |
| Max drawdown (3Y) | -83.3% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | VXX | ZBRA |
|---|---|---|
| 2022 | -23.8% | -56.9% |
| 2023 | -72.5% | +6.6% |
| 2024 | -26.2% | +41.3% |
| 2025 | -42.2% | -37.1% |
| 2026 | -31.6% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZBRA good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and ZBRA?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.29 over the last year and -0.47 over 5 years.
Is ZBRA a good diversifier for VXX?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 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-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · ZBRA correlations
