VXZ vs XPO: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and XPO, Inc. (XPO) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XPO?
Over the past 3 years, VXZ and XPO moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.40 over 3 years. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -494.4 %².
Within VXZ's tracked universe of 2840 assets, XPO comes in at #1924 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XPO ahead by 61.1 points (-16.1% versus +45.0%). One caveat on sizing: XPO is 1.9 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 XPO: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XPO (XPO, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +45.0% |
| 5-year return | -53.1% | +267.0% |
| Volatility (ann.) | 25.6% | 48.7% |
| Beta vs S&P 500 | -1.31 | 1.58 |
| Max drawdown (3Y) | -36.4% | -42.2% |
| Market cap | – | $22.4B |
| P/E (trailing) | – | 56.9 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XPO |
|---|---|---|
| 2022 | +0.5% | -27.6% |
| 2023 | -44.0% | +163.1% |
| 2024 | -12.7% | +49.7% |
| 2025 | +5.7% | +3.6% |
| 2026 | -10.5% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XPO good diversifiers for each other?
Yes. With a correlation of -0.40, VXZ and XPO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XPO?
As of 2026-08-27, the correlation of weekly returns between VXZ and XPO is -0.40 over 3 years, -0.13 over 1 year and -0.43 over 5 years.
Is XPO a good diversifier for VXZ?
Yes. With a correlation of -0.40, VXZ and XPO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
A reading of -0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXZ correlations · XPO correlations
