VXZ vs XPL: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Solitario Resources Corp. (XPL) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XPL?
Across a 3-year window, the weekly returns of VXZ and XPL correlate at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.21, with an annualized covariance of -387.3 %².
Within VXZ's tracked universe of 2840 assets, XPL comes in at #1087 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XPL ahead by 21.5 points (-16.1% versus +5.4%). Note the risk asymmetry: XPL runs 1.9 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 XPL: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XPL (Solitario Resources Corp.) | |
|---|---|---|
| 1-year return | -16.1% | +5.4% |
| 5-year return | -53.1% | +45.0% |
| Volatility (ann.) | 25.6% | 48.2% |
| Beta vs S&P 500 | -1.31 | 1.10 |
| Max drawdown (3Y) | -36.4% | -42.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XPL |
|---|---|---|
| 2022 | +0.5% | +24.0% |
| 2023 | -44.0% | -9.7% |
| 2024 | -12.7% | +5.4% |
| 2025 | +5.7% | +18.6% |
| 2026 | -10.5% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XPL good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and XPL?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.27 over the last year and -0.21 over 5 years.
Is XPL a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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-xpl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-xpl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · XPL correlations
