VXZ vs Z: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zillow Group, Inc. - Class C Capital Stock (Z) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and Z?
Over the past 3 years, VXZ and Z moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -436.0 %².
Among the 2840 assets we track against VXZ, Z ranks #1642 by 3-year correlation. The last year tells two different stories: VXZ led by 41.8 percentage points, -16.1% for VXZ against -57.9% for Z. One caveat on sizing: Z is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 Z: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | -16.1% | -57.9% |
| 5-year return | -53.1% | -63.1% |
| Volatility (ann.) | 25.6% | 46.2% |
| Beta vs S&P 500 | -1.31 | 1.30 |
| Max drawdown (3Y) | -36.4% | -67.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | – | 154.0 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | Z |
|---|---|---|
| 2022 | +0.5% | -49.6% |
| 2023 | -44.0% | +79.6% |
| 2024 | -12.7% | +28.0% |
| 2025 | +5.7% | -7.9% |
| 2026 | -10.5% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and Z good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and Z?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.30 over the last year and -0.38 over 5 years.
Is Z a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXZ correlations · Z correlations
