VXZ vs XYZ: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Block, Inc. (XYZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XYZ?
On 3 years of weekly data the VXZ/XYZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -508.2 %².
By 3-year correlation, XYZ places #1925 of the 2840 assets tracked against VXZ. Correlation aside, the last 12 months split them widely, with XYZ ahead by 23.0 points (-16.1% versus +6.9%). Note the risk asymmetry: XYZ runs 2.0 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 XYZ: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XYZ (Block, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +6.9% |
| 5-year return | -53.1% | -68.8% |
| Volatility (ann.) | 25.6% | 50.2% |
| Beta vs S&P 500 | -1.31 | 1.80 |
| Max drawdown (3Y) | -36.4% | -53.0% |
| Market cap | – | $51.0B |
| P/E (trailing) | – | 151.5 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | VXZ | XYZ |
|---|---|---|
| 2022 | +0.5% | -61.1% |
| 2023 | -44.0% | +23.1% |
| 2024 | -12.7% | +9.9% |
| 2025 | +5.7% | -23.4% |
| 2026 | -10.5% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XYZ good diversifiers for each other?
Yes. With a correlation of -0.40, VXZ and XYZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XYZ?
The VXZ/XYZ correlation stands at -0.40 on a 3-year window (1 year: -0.35, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is XYZ a good diversifier for VXZ?
Yes. With a correlation of -0.40, VXZ and XYZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-xyz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-xyz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · XYZ correlations
