VXZ vs ZIP: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and ZipRecruiter, Inc. (ZIP) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZIP?
On 3 years of weekly data the VXZ/ZIP correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.28). The 5-year figure is -0.31, and annualized covariance runs at -553.4 %².
Within VXZ's tracked universe of 2840 assets, ZIP comes in at #761 by 3-year correlation. Their 12-month results are close: -16.1% for VXZ against -15.0% for ZIP. One caveat on sizing: ZIP 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 ZIP: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZIP (ZipRecruiter, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -15.0% |
| 5-year return | -53.1% | -82.4% |
| Volatility (ann.) | 25.6% | 76.2% |
| Beta vs S&P 500 | -1.31 | 1.99 |
| Max drawdown (3Y) | -36.4% | -89.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 13.0 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZIP |
|---|---|---|
| 2022 | +0.5% | -34.2% |
| 2023 | -44.0% | -15.3% |
| 2024 | -12.7% | -47.9% |
| 2025 | +5.7% | -46.1% |
| 2026 | -10.5% | +10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZIP good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and ZIP?
As of 2026-08-27, the correlation of weekly returns between VXZ and ZIP is -0.28 over 3 years, -0.14 over 1 year and -0.31 over 5 years.
Is ZIP a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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-zip.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-zip/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZIP correlations
