VXZ vs XP: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and XP Inc. (XP) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XP?
On 3 years of weekly data the VXZ/XP correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.36). The 5-year figure is -0.31, and annualized covariance runs at -375.3 %².
By 3-year correlation, XP places #1557 of the 2840 assets tracked against VXZ. The last year tells two different stories: XP led by 21.9 percentage points, -16.1% for VXZ against +5.8% for XP. Risk is not evenly split, since XP carries 1.6 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.
VXZ vs XP: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XP (XP Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +5.8% |
| 5-year return | -53.1% | -58.9% |
| Volatility (ann.) | 25.6% | 41.0% |
| Beta vs S&P 500 | -1.31 | 1.18 |
| Max drawdown (3Y) | -36.4% | -56.6% |
| Market cap | – | $9.0B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | – | 11.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XP |
|---|---|---|
| 2022 | +0.5% | -46.6% |
| 2023 | -44.0% | +79.6% |
| 2024 | -12.7% | -52.2% |
| 2025 | +5.7% | +39.5% |
| 2026 | -10.5% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XP good diversifiers for each other?
Yes. With a correlation of -0.36, VXZ and XP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XP?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.47 over the last year and -0.31 over 5 years.
Is XP a good diversifier for VXZ?
Yes. With a correlation of -0.36, VXZ and XP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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-xp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-xp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · XP correlations
