VXZ vs XRX: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Xerox Holdings Corporation (XRX) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XRX?
On 3 years of weekly data the VXZ/XRX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -631.9 %².
Within VXZ's tracked universe of 2840 assets, XRX comes in at #1189 by 3-year correlation. Their 12-month results are close: -16.1% for VXZ against -20.0% for XRX. Note the risk asymmetry: XRX runs 3.0 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 XRX: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XRX (Xerox Holdings Corporation) | |
|---|---|---|
| 1-year return | -16.1% | -20.0% |
| 5-year return | -53.1% | -81.9% |
| Volatility (ann.) | 25.6% | 77.4% |
| Beta vs S&P 500 | -1.31 | 2.12 |
| Max drawdown (3Y) | -36.4% | -92.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 3.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XRX |
|---|---|---|
| 2022 | +0.5% | -31.3% |
| 2023 | -44.0% | +33.8% |
| 2024 | -12.7% | -49.8% |
| 2025 | +5.7% | -70.6% |
| 2026 | -10.5% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XRX good diversifiers for each other?
Yes. With a correlation of -0.32, VXZ and XRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XRX?
As of 2026-08-27, the correlation of weekly returns between VXZ and XRX is -0.32 over 3 years, -0.25 over 1 year and -0.34 over 5 years.
Is XRX a good diversifier for VXZ?
Yes. With a correlation of -0.32, VXZ and XRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: VXZ correlations · XRX correlations
