VXX vs ZS: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zscaler, Inc. (ZS) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZS?
Across a 3-year window, the weekly returns of VXX and ZS correlate at -0.32, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.09) runs above the 3-year figure (-0.32). Stretching to 5 years gives -0.29, with an annualized covariance of -900.7 %².
By 3-year correlation, ZS places #1225 of the 2872 assets tracked against VXX. Their recent paths diverged sharply: over the last 12 months ZS outperformed by 18.3 percentage points (-49.7% for VXX against -31.4% for ZS).
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 ZS: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | -31.4% |
| 5-year return | -95.6% | -32.7% |
| Volatility (ann.) | 60.9% | 45.7% |
| Beta vs S&P 500 | -3.31 | 1.47 |
| Max drawdown (3Y) | -83.3% | -64.9% |
| Market cap | – | $30.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZS |
|---|---|---|
| 2022 | -23.8% | -65.2% |
| 2023 | -72.5% | +98.0% |
| 2024 | -26.2% | -18.6% |
| 2025 | -42.2% | +24.7% |
| 2026 | -31.6% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZS good diversifiers for each other?
Yes. With a correlation of -0.32, VXX and ZS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZS?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with 0.09 over the last year and -0.29 over 5 years.
Is ZS a good diversifier for VXX?
Yes. With a correlation of -0.32, VXX and ZS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxx-vs-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxx-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · ZS correlations
