VXZ vs XELB: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Xcel Brands, Inc (XELB) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XELB?
Across a 3-year window, the weekly returns of VXZ and XELB correlate at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives -0.22, with an annualized covariance of -471.7 %².
Among the 2840 assets we track against VXZ, XELB ranks #102 by 3-year correlation. The trailing year gives VXZ the advantage: -16.1% versus -30.5%, a 14.4-point spread. One caveat on sizing: XELB is 3.4 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 XELB: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XELB (Xcel Brands, Inc) | |
|---|---|---|
| 1-year return | -16.1% | -30.5% |
| 5-year return | -53.1% | -94.9% |
| Volatility (ann.) | 25.6% | 86.2% |
| Beta vs S&P 500 | -1.31 | 1.33 |
| Max drawdown (3Y) | -36.4% | -95.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XELB |
|---|---|---|
| 2022 | +0.5% | -35.8% |
| 2023 | -44.0% | +84.2% |
| 2024 | -12.7% | -60.1% |
| 2025 | +5.7% | -79.0% |
| 2026 | -10.5% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XELB good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and XELB?
As of 2026-08-27, the correlation of weekly returns between VXZ and XELB is -0.21 over 3 years, -0.18 over 1 year and -0.22 over 5 years.
Is XELB a good diversifier for VXZ?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/vxz-vs-xelb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-xelb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · XELB correlations
