VXZ vs ZBH: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zimmer Biomet (ZBH) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZBH?
On 3 years of weekly data the VXZ/ZBH correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.30). The 5-year figure is -0.35, and annualized covariance runs at -188.6 %².
By 3-year correlation, ZBH places #969 of the 2840 assets tracked against VXZ. Over the last 12 months ZBH came out ahead by 10.2 percentage points (-16.1% against -5.9%).
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 ZBH: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | -16.1% | -5.9% |
| 5-year return | -53.1% | -28.6% |
| Volatility (ann.) | 25.6% | 24.9% |
| Beta vs S&P 500 | -1.31 | 0.51 |
| Max drawdown (3Y) | -36.4% | -38.8% |
| Market cap | – | $19.0B |
| P/E (trailing) | – | 24.6 |
| Dividend yield | – | 0.95% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | VXZ | ZBH |
|---|---|---|
| 2022 | +0.5% | +4.2% |
| 2023 | -44.0% | -3.8% |
| 2024 | -12.7% | -12.5% |
| 2025 | +5.7% | -14.0% |
| 2026 | -10.5% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZBH good diversifiers for each other?
Yes. With a correlation of -0.30, VXZ and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and ZBH?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.19 over the last year and -0.35 over 5 years.
Is ZBH a good diversifier for VXZ?
Yes. With a correlation of -0.30, VXZ and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZBH correlations
