VXZ vs ZDGE: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zedge, Inc. (ZDGE) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZDGE?
Over the past 3 years, VXZ and ZDGE 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 (-0.30) sits close to the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -512.9 %².
By 3-year correlation, ZDGE places #554 of the 2840 assets tracked against VXZ. Over the last 12 months ZDGE came out ahead by 13.1 percentage points (-16.1% against -3.0%). One caveat on sizing: ZDGE is 3.0 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 ZDGE: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZDGE (Zedge, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -3.0% |
| 5-year return | -53.1% | -81.5% |
| Volatility (ann.) | 25.6% | 76.8% |
| Beta vs S&P 500 | -1.31 | 0.91 |
| Max drawdown (3Y) | -36.4% | -61.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 1.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZDGE |
|---|---|---|
| 2022 | +0.5% | -79.3% |
| 2023 | -44.0% | +33.5% |
| 2024 | -12.7% | +14.5% |
| 2025 | +5.7% | +22.5% |
| 2026 | -10.5% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZDGE good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZDGE?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.30 over the last year and -0.27 over 5 years.
Is ZDGE a good diversifier for VXZ?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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-zdge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-zdge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZDGE correlations
