VXX vs ZTS: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZTS?
Over the past 3 years, VXX and ZTS moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -492.0 %².
Among the 2872 assets we track against VXX, ZTS ranks #640 by 3-year correlation. Their 12-month results are close: -49.7% for VXX against -50.8% for ZTS. Risk is not evenly split, since VXX carries 2.0 times the volatility of the other side.
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 ZTS: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | -49.7% | -50.8% |
| 5-year return | -95.6% | -61.5% |
| Volatility (ann.) | 60.9% | 30.1% |
| Beta vs S&P 500 | -3.31 | 0.51 |
| Max drawdown (3Y) | -83.3% | -63.0% |
| Market cap | – | $31.0B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | 0.00% | 2.66% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | VXX | ZTS |
|---|---|---|
| 2022 | -23.8% | -39.5% |
| 2023 | -72.5% | +35.9% |
| 2024 | -26.2% | -16.6% |
| 2025 | -42.2% | -21.8% |
| 2026 | -31.6% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZTS good diversifiers for each other?
Yes. With a correlation of -0.27, VXX and ZTS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZTS?
The VXX/ZTS correlation stands at -0.27 on a 3-year window (1 year: -0.23, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is ZTS a good diversifier for VXX?
Yes. With a correlation of -0.27, VXX and ZTS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · ZTS correlations
