VXZ vs XPEL: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and XPEL, Inc. (XPEL) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XPEL?
Over the past 3 years, VXZ and XPEL moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -403.2 %².
Within VXZ's tracked universe of 2840 assets, XPEL comes in at #968 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XPEL ahead by 51.3 points (-16.1% versus +35.2%). Note the risk asymmetry: XPEL runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XPEL: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XPEL (XPEL, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +35.2% |
| 5-year return | -53.1% | -32.6% |
| Volatility (ann.) | 25.6% | 52.7% |
| Beta vs S&P 500 | -1.31 | 1.03 |
| Max drawdown (3Y) | -36.4% | -70.7% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 25.6 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XPEL |
|---|---|---|
| 2022 | +0.5% | -12.0% |
| 2023 | -44.0% | -10.3% |
| 2024 | -12.7% | -25.8% |
| 2025 | +5.7% | +25.0% |
| 2026 | -10.5% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XPEL good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and XPEL?
The VXZ/XPEL correlation stands at -0.30 on a 3-year window (1 year: -0.35, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is XPEL a good diversifier for VXZ?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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/vxz-vs-xpel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-xpel/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · XPEL correlations
