VXZ vs XHR: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Xenia Hotels & Resorts, Inc. (XHR) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XHR?
Across a 3-year window, the weekly returns of VXZ and XHR correlate at -0.51, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.51 over 3 years. Stretching to 5 years gives -0.46, with an annualized covariance of -390.6 %².
By 3-year correlation, XHR places #2561 of the 2840 assets tracked against VXZ. Their recent paths diverged sharply: over the last 12 months XHR outperformed by 56.3 percentage points (-16.1% for VXZ against +40.2% for XHR).
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 XHR: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XHR (Xenia Hotels & Resorts, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +40.2% |
| 5-year return | -53.1% | +29.3% |
| Volatility (ann.) | 25.6% | 30.0% |
| Beta vs S&P 500 | -1.31 | 0.97 |
| Max drawdown (3Y) | -36.4% | -42.5% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | – | 2.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XHR |
|---|---|---|
| 2022 | +0.5% | -26.1% |
| 2023 | -44.0% | +6.7% |
| 2024 | -12.7% | +12.7% |
| 2025 | +5.7% | -0.7% |
| 2026 | -10.5% | +38.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XHR good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and XHR?
Using weekly returns as of 2026-08-27: -0.51 over 3 years, with -0.30 over the last year and -0.46 over 5 years.
Is XHR a good diversifier for VXZ?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-xhr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-xhr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · XHR correlations
