VXZ vs ZD: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Ziff Davis, Inc. (ZD) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZD?
Over the past 3 years, VXZ and ZD moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.07 versus -0.33 over 3 years. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -438.7 %².
Within VXZ's tracked universe of 2840 assets, ZD comes in at #1285 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZD outperformed by 63.8 percentage points (-16.1% for VXZ against +47.7% for ZD). One caveat on sizing: ZD is 2.0 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 ZD: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZD (Ziff Davis, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +47.7% |
| 5-year return | -53.1% | -53.5% |
| Volatility (ann.) | 25.6% | 52.4% |
| Beta vs S&P 500 | -1.31 | 1.08 |
| Max drawdown (3Y) | -36.4% | -62.6% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZD |
|---|---|---|
| 2022 | +0.5% | -28.6% |
| 2023 | -44.0% | -15.1% |
| 2024 | -12.7% | -19.1% |
| 2025 | +5.7% | -35.3% |
| 2026 | -10.5% | +58.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and ZD?
As of 2026-08-27, the correlation of weekly returns between VXZ and ZD is -0.33 over 3 years, 0.07 over 1 year and -0.35 over 5 years.
Is ZD a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 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-zd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-zd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZD correlations
