VXZ vs ZM: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zoom Communications, Inc. (ZM) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZM?
On 3 years of weekly data the VXZ/ZM correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.28). The 5-year figure is -0.32, and annualized covariance runs at -258.9 %².
Among the 2840 assets we track against VXZ, ZM ranks #762 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZM ahead by 40.0 points (-16.1% versus +23.9%).
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 ZM: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZM (Zoom Communications, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +23.9% |
| 5-year return | -53.1% | -71.1% |
| Volatility (ann.) | 25.6% | 35.5% |
| Beta vs S&P 500 | -1.31 | 0.96 |
| Max drawdown (3Y) | -36.4% | -25.9% |
| Market cap | – | $29.3B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZM |
|---|---|---|
| 2022 | +0.5% | -63.2% |
| 2023 | -44.0% | +6.2% |
| 2024 | -12.7% | +13.5% |
| 2025 | +5.7% | +5.7% |
| 2026 | -10.5% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZM good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZM?
The VXZ/ZM correlation stands at -0.28 on a 3-year window (1 year: -0.17, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is ZM a good diversifier for VXZ?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
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-zm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-zm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZM correlations
