VXZ vs XPRO: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Expro Ltd (XPRO) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XPRO?
Over the past 3 years, VXZ and XPRO moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.04) than the 3-year average (-0.31). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -380.3 %².
By 3-year correlation, XPRO places #1088 of the 2840 assets tracked against VXZ. The last year tells two different stories: XPRO led by 61.7 percentage points, -16.1% for VXZ against +45.6% for XPRO. Note the risk asymmetry: XPRO 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 XPRO: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XPRO (Expro Ltd) | |
|---|---|---|
| 1-year return | -16.1% | +45.6% |
| 5-year return | -53.1% | +6.0% |
| Volatility (ann.) | 25.6% | 48.4% |
| Beta vs S&P 500 | -1.31 | 0.83 |
| Max drawdown (3Y) | -36.4% | -72.2% |
| Market cap | – | $2.0B |
| P/E (trailing) | – | 100.4 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XPRO |
|---|---|---|
| 2022 | +0.5% | +26.3% |
| 2023 | -44.0% | -12.2% |
| 2024 | -12.7% | -21.7% |
| 2025 | +5.7% | +7.1% |
| 2026 | -10.5% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XPRO good diversifiers for each other?
Yes. With a correlation of -0.31, VXZ and XPRO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XPRO?
As of 2026-08-27, the correlation of weekly returns between VXZ and XPRO is -0.31 over 3 years, 0.04 over 1 year and -0.32 over 5 years.
Is XPRO a good diversifier for VXZ?
Yes. With a correlation of -0.31, VXZ and XPRO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-xpro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-xpro/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · XPRO correlations
