VXX vs ZION: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zions Bancorporation N.A. (ZION) trade together? Their weekly returns over three years give a correlation of -0.57, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZION?
Over the past 3 years, VXX and ZION moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.39) than the 3-year average (-0.57). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -1222.1 %².
By 3-year correlation, ZION places #2734 of the 2872 assets tracked against VXX. Their recent paths diverged sharply: over the last 12 months ZION outperformed by 70.4 percentage points (-49.7% for VXX against +20.7% for ZION). One caveat on sizing: VXX is 1.7 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 ZION: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | -49.7% | +20.7% |
| 5-year return | -95.6% | +41.1% |
| Volatility (ann.) | 60.9% | 35.5% |
| Beta vs S&P 500 | -3.31 | 1.29 |
| Max drawdown (3Y) | -83.3% | -32.4% |
| Market cap | – | $9.9B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 0.00% | 2.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZION |
|---|---|---|
| 2022 | -23.8% | -20.0% |
| 2023 | -72.5% | -6.3% |
| 2024 | -26.2% | +28.2% |
| 2025 | -42.2% | +11.6% |
| 2026 | -31.6% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZION good diversifiers for each other?
By historical standards, yes. A correlation of -0.57 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXX and ZION?
The VXX/ZION correlation stands at -0.57 on a 3-year window (1 year: -0.39, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is ZION a good diversifier for VXX?
By historical standards, yes. A correlation of -0.57 means the two rarely move for the same reasons.
What does a correlation of -0.57 mean?
A reading of -0.57 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxx-vs-zion/)
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Related comparisons
Hubs: VXX correlations · ZION correlations
