VXZ vs ZBRA: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZBRA?
Across a 3-year window, the weekly returns of VXZ and ZBRA correlate at -0.48, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.36) than the 3-year average (-0.48). Stretching to 5 years gives -0.50, with an annualized covariance of -503.2 %².
Within VXZ's tracked universe of 2840 assets, ZBRA comes in at #2443 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZBRA ahead by 28.4 points (-16.1% versus +12.3%). Note the risk asymmetry: ZBRA runs 1.6 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 ZBRA: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | -16.1% | +12.3% |
| 5-year return | -53.1% | -38.2% |
| Volatility (ann.) | 25.6% | 40.8% |
| Beta vs S&P 500 | -1.31 | 1.54 |
| Max drawdown (3Y) | -36.4% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | VXZ | ZBRA |
|---|---|---|
| 2022 | +0.5% | -56.9% |
| 2023 | -44.0% | +6.6% |
| 2024 | -12.7% | +41.3% |
| 2025 | +5.7% | -37.1% |
| 2026 | -10.5% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZBRA good diversifiers for each other?
Yes. With a correlation of -0.48, VXZ and ZBRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and ZBRA?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.36 over the last year and -0.50 over 5 years.
Is ZBRA a good diversifier for VXZ?
Yes. With a correlation of -0.48, VXZ and ZBRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
A reading of -0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZBRA correlations
