VXZ vs ZG: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zillow Group, Inc. (ZG) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZG?
On 3 years of weekly data the VXZ/ZG correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -433.9 %².
By 3-year correlation, ZG places #1559 of the 2840 assets tracked against VXZ. Correlation aside, the last 12 months split them widely, with VXZ ahead by 39.4 points (-16.1% versus -55.5%). One caveat on sizing: ZG 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 ZG: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -55.5% |
| 5-year return | -53.1% | -62.1% |
| Volatility (ann.) | 25.6% | 46.8% |
| Beta vs S&P 500 | -1.31 | 1.28 |
| Max drawdown (3Y) | -36.4% | -66.4% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | 158.0 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZG |
|---|---|---|
| 2022 | +0.5% | -49.8% |
| 2023 | -44.0% | +81.7% |
| 2024 | -12.7% | +24.9% |
| 2025 | +5.7% | -3.7% |
| 2026 | -10.5% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZG good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZG?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.29 over the last year and -0.38 over 5 years.
Is ZG a good diversifier for VXZ?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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
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Related comparisons
Hubs: VXZ correlations · ZG correlations
