VXZ vs XXII: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and 22nd Century Group, Inc (XXII) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XXII?
On 3 years of weekly data the VXZ/XXII correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.23 over 3. The 5-year figure is -0.18, and annualized covariance runs at -713.2 %².
Among the 2840 assets we track against VXZ, XXII ranks #233 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 83.3 percentage points (-16.1% for VXZ against -99.4% for XXII). Risk is not evenly split, since XXII carries 4.6 times the volatility of the other side.
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 XXII: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XXII (22nd Century Group, Inc) | |
|---|---|---|
| 1-year return | -16.1% | -99.4% |
| 5-year return | -53.1% | -100.0% |
| Volatility (ann.) | 25.6% | 119.0% |
| Beta vs S&P 500 | -1.31 | 2.06 |
| Max drawdown (3Y) | -36.4% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XXII |
|---|---|---|
| 2022 | +0.5% | -70.2% |
| 2023 | -44.0% | -98.7% |
| 2024 | -12.7% | -98.7% |
| 2025 | +5.7% | -99.4% |
| 2026 | -10.5% | -98.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XXII good diversifiers for each other?
Yes. With a correlation of -0.23, VXZ and XXII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XXII?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.27 over the last year and -0.18 over 5 years.
Is XXII a good diversifier for VXZ?
Yes. With a correlation of -0.23, VXZ and XXII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-xxii.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-xxii/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · XXII correlations
