VXZ vs ZION: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zions Bancorporation N.A. (ZION) carry a correlation of -0.59, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZION?
On 3 years of weekly data the VXZ/ZION correlation comes out at -0.59, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.46) than the 3-year average (-0.59). The 5-year figure is -0.53, and annualized covariance runs at -533.4 %².
Among the 2840 assets we track against VXZ, ZION ranks #2745 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZION outperformed by 36.8 percentage points (-16.1% for VXZ against +20.7% for ZION).
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 ZION: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | -16.1% | +20.7% |
| 5-year return | -53.1% | +41.1% |
| Volatility (ann.) | 25.6% | 35.5% |
| Beta vs S&P 500 | -1.31 | 1.29 |
| Max drawdown (3Y) | -36.4% | -32.4% |
| Market cap | – | $9.9B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | – | 2.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZION |
|---|---|---|
| 2022 | +0.5% | -20.0% |
| 2023 | -44.0% | -6.3% |
| 2024 | -12.7% | +28.2% |
| 2025 | +5.7% | +11.6% |
| 2026 | -10.5% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZION good diversifiers for each other?
Yes. With a correlation of -0.59, VXZ and ZION have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and ZION?
Using weekly returns as of 2026-08-27: -0.59 over 3 years, with -0.46 over the last year and -0.53 over 5 years.
Is ZION a good diversifier for VXZ?
Yes. With a correlation of -0.59, VXZ and ZION have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.59 mean?
On the −1 to +1 scale, -0.59 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
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-zion/)
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Related comparisons
Hubs: VXZ correlations · ZION correlations
