VXZ vs YTRA: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Yatra Online, Inc. (YTRA) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and YTRA?
Over the past 3 years, VXZ and YTRA moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -368.4 %².
By 3-year correlation, YTRA places #553 of the 2840 assets tracked against VXZ. On 12-month performance VXZ holds a 13.5-point edge, -16.1% against -29.6%. Note the risk asymmetry: YTRA runs 2.2 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 YTRA: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | YTRA (Yatra Online, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -29.6% |
| 5-year return | -53.1% | -46.2% |
| Volatility (ann.) | 25.6% | 56.1% |
| Beta vs S&P 500 | -1.31 | 1.03 |
| Max drawdown (3Y) | -36.4% | -77.4% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | YTRA |
|---|---|---|
| 2022 | +0.5% | +39.3% |
| 2023 | -44.0% | -32.4% |
| 2024 | -12.7% | -22.7% |
| 2025 | +5.7% | +41.3% |
| 2026 | -10.5% | -44.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and YTRA good diversifiers for each other?
Yes. With a correlation of -0.26, VXZ and YTRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and YTRA?
As of 2026-08-27, the correlation of weekly returns between VXZ and YTRA is -0.26 over 3 years, -0.17 over 1 year and -0.27 over 5 years.
Is YTRA a good diversifier for VXZ?
Yes. With a correlation of -0.26, VXZ and YTRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-ytra.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-ytra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · YTRA correlations
