VXZ vs ZGN: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Ermenegildo Zegna N.V. (ZGN) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZGN?
On 3 years of weekly data the VXZ/ZGN correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -318.5 %².
Among the 2840 assets we track against VXZ, ZGN ranks #858 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZGN ahead by 82.2 points (-16.1% versus +66.1%). One caveat on sizing: ZGN is 1.7 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 ZGN: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZGN (Ermenegildo Zegna N.V.) | |
|---|---|---|
| 1-year return | -16.1% | +66.1% |
| 5-year return | -53.1% | +34.1% |
| Volatility (ann.) | 25.6% | 43.6% |
| Beta vs S&P 500 | -1.31 | 1.27 |
| Max drawdown (3Y) | -36.4% | -59.0% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 31.0 |
| Dividend yield | – | 0.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZGN |
|---|---|---|
| 2022 | +0.5% | +0.8% |
| 2023 | -44.0% | +11.5% |
| 2024 | -12.7% | -27.8% |
| 2025 | +5.7% | +26.0% |
| 2026 | -10.5% | +34.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZGN good diversifiers for each other?
Yes. With a correlation of -0.29, VXZ and ZGN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and ZGN?
As of 2026-08-27, the correlation of weekly returns between VXZ and ZGN is -0.29 over 3 years, -0.32 over 1 year and -0.28 over 5 years.
Is ZGN a good diversifier for VXZ?
Yes. With a correlation of -0.29, VXZ and ZGN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-zgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-zgn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZGN correlations
