VXZ vs VYX: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and NCR Voyix Corporation (VYX) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and VYX?
Across a 3-year window, the weekly returns of VXZ and VYX correlate at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.44) sits close to the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -476.4 %².
Among the 2840 assets we track against VXZ, VYX ranks #1835 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VXZ ahead by 16.2 points (-16.1% versus -32.3%). One caveat on sizing: VYX is 1.9 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.
VXZ vs VYX: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | VYX (NCR Voyix Corporation) | |
|---|---|---|
| 1-year return | -16.1% | -32.3% |
| 5-year return | -53.1% | -65.3% |
| Volatility (ann.) | 25.6% | 47.7% |
| Beta vs S&P 500 | -1.31 | 1.47 |
| Max drawdown (3Y) | -36.4% | -67.4% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 31.7 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | VYX |
|---|---|---|
| 2022 | +0.5% | -41.8% |
| 2023 | -44.0% | +17.7% |
| 2024 | -12.7% | -18.2% |
| 2025 | +5.7% | -26.3% |
| 2026 | -10.5% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and VYX good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and VYX?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.44 over the last year and -0.43 over 5 years.
Is VYX a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: VXZ correlations · VYX correlations
