VXX vs ZM: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zoom Communications, Inc. (ZM) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZM?
On 3 years of weekly data the VXX/ZM correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.28). The 5-year figure is -0.28, and annualized covariance runs at -598.6 %².
By 3-year correlation, ZM places #767 of the 2872 assets tracked against VXX. Correlation aside, the last 12 months split them widely, with ZM ahead by 73.6 points (-49.7% versus +23.9%). Note the risk asymmetry: VXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZM: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZM (Zoom Communications, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +23.9% |
| 5-year return | -95.6% | -71.1% |
| Volatility (ann.) | 60.9% | 35.5% |
| Beta vs S&P 500 | -3.31 | 0.96 |
| Max drawdown (3Y) | -83.3% | -25.9% |
| Market cap | – | $29.3B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZM |
|---|---|---|
| 2022 | -23.8% | -63.2% |
| 2023 | -72.5% | +6.2% |
| 2024 | -26.2% | +13.5% |
| 2025 | -42.2% | +5.7% |
| 2026 | -31.6% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZM good diversifiers for each other?
Yes. With a correlation of -0.28, VXX and ZM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZM?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.12 over the last year and -0.28 over 5 years.
Is ZM a good diversifier for VXX?
Yes. With a correlation of -0.28, VXX and ZM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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-zm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-zm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · ZM correlations
