VXZ vs ZIM: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and ZIM Integrated Shipping Services Ltd. (ZIM) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZIM?
Across a 3-year window, the weekly returns of VXZ and ZIM correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.14 lands near the 3-year figure. Stretching to 5 years gives -0.15, with an annualized covariance of -369.6 %².
By 3-year correlation, ZIM places #71 of the 2840 assets tracked against VXZ. The last year tells two different stories: ZIM led by 119.2 percentage points, -16.1% for VXZ against +103.1% for ZIM. Note the risk asymmetry: ZIM runs 2.9 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 ZIM: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZIM (ZIM Integrated Shipping Services Ltd.) | |
|---|---|---|
| 1-year return | -16.1% | +103.1% |
| 5-year return | -53.1% | +125.1% |
| Volatility (ann.) | 25.6% | 73.9% |
| Beta vs S&P 500 | -1.31 | 1.32 |
| Max drawdown (3Y) | -36.4% | -46.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | – | 24.1 |
| Dividend yield | – | 4.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZIM |
|---|---|---|
| 2022 | +0.5% | -52.7% |
| 2023 | -44.0% | -21.1% |
| 2024 | -12.7% | +176.9% |
| 2025 | +5.7% | +25.6% |
| 2026 | -10.5% | +35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZIM good diversifiers for each other?
Yes. With a correlation of -0.20, VXZ and ZIM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and ZIM?
As of 2026-08-27, the correlation of weekly returns between VXZ and ZIM is -0.20 over 3 years, -0.14 over 1 year and -0.15 over 5 years.
Is ZIM a good diversifier for VXZ?
Yes. With a correlation of -0.20, VXZ and ZIM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXZ correlations · ZIM correlations
