VXZ vs ZS: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zscaler, Inc. (ZS) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZS?
On 3 years of weekly data the VXZ/ZS correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.03) than the 3-year average (-0.33). The 5-year figure is -0.34, and annualized covariance runs at -387.2 %².
Within VXZ's tracked universe of 2840 assets, ZS comes in at #1286 by 3-year correlation. The last year tells two different stories: VXZ led by 15.3 percentage points, -16.1% for VXZ against -31.4% for ZS. Note the risk asymmetry: ZS runs 1.8 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 ZS: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -31.4% |
| 5-year return | -53.1% | -32.7% |
| Volatility (ann.) | 25.6% | 45.7% |
| Beta vs S&P 500 | -1.31 | 1.47 |
| Max drawdown (3Y) | -36.4% | -64.9% |
| Market cap | – | $30.3B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZS |
|---|---|---|
| 2022 | +0.5% | -65.2% |
| 2023 | -44.0% | +98.0% |
| 2024 | -12.7% | -18.6% |
| 2025 | +5.7% | +24.7% |
| 2026 | -10.5% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZS good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZS?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with 0.03 over the last year and -0.34 over 5 years.
Is ZS a good diversifier for VXZ?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 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-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZS correlations
