VXX vs ZG: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zillow Group, Inc. (ZG) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZG?
On 3 years of weekly data the VXX/ZG correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.35). The 5-year figure is -0.32, and annualized covariance runs at -1000.6 %².
Among the 2872 assets we track against VXX, ZG ranks #1530 by 3-year correlation. The trailing year gives VXX the advantage: -49.7% versus -55.5%, a 5.8-point spread.
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 ZG: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | -55.5% |
| 5-year return | -95.6% | -62.1% |
| Volatility (ann.) | 60.9% | 46.8% |
| Beta vs S&P 500 | -3.31 | 1.28 |
| Max drawdown (3Y) | -83.3% | -66.4% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZG |
|---|---|---|
| 2022 | -23.8% | -49.8% |
| 2023 | -72.5% | +81.7% |
| 2024 | -26.2% | +24.9% |
| 2025 | -42.2% | -3.7% |
| 2026 | -31.6% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZG good diversifiers for each other?
Yes. With a correlation of -0.35, VXX and ZG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZG?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.24 over the last year and -0.32 over 5 years.
Is ZG a good diversifier for VXX?
Yes. With a correlation of -0.35, VXX and ZG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXX correlations · ZG correlations
