VXZ vs ZTR: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Virtus Total Return Fund Inc. (ZTR) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZTR?
On 3 years of weekly data the VXZ/ZTR correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.29 versus -0.41 over 3 years. The 5-year figure is -0.36, and annualized covariance runs at -146.9 %².
By 3-year correlation, ZTR places #2016 of the 2840 assets tracked against VXZ. Correlation aside, the last 12 months split them widely, with ZTR ahead by 34.1 points (-16.1% versus +18.0%). One caveat on sizing: VXZ is 1.8 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 ZTR: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZTR (Virtus Total Return Fund Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +18.0% |
| 5-year return | -53.1% | +27.0% |
| Volatility (ann.) | 25.6% | 14.0% |
| Beta vs S&P 500 | -1.31 | 0.40 |
| Max drawdown (3Y) | -36.4% | -18.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 5.7 |
| Dividend yield | – | 8.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZTR |
|---|---|---|
| 2022 | +0.5% | -21.3% |
| 2023 | -44.0% | -3.2% |
| 2024 | -12.7% | +18.3% |
| 2025 | +5.7% | +18.6% |
| 2026 | -10.5% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZTR good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZTR?
As of 2026-08-27, the correlation of weekly returns between VXZ and ZTR is -0.41 over 3 years, -0.29 over 1 year and -0.36 over 5 years.
Is ZTR a good diversifier for VXZ?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-ztr.json
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Related comparisons
Hubs: VXZ correlations · ZTR correlations
