AEF vs VXZ: Correlation
How closely do abrdn Emerging Markets ex-China Fund, Inc. (AEF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and VXZ?
Over the past 3 years, AEF and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.54) than the 3-year average (-0.43). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -262.5 %².
Among the 21 assets we track against AEF, VXZ sits near the bottom by co-movement, at rank #19. The last year tells two different stories: AEF led by 85.5 percentage points, +69.4% for AEF against -16.1% for VXZ.
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.
AEF vs VXZ: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.4% | -16.1% |
| 5-year return | +66.6% | -53.1% |
| Volatility (ann.) | 23.7% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -20.0% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 6.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEF | VXZ |
|---|---|---|
| 2022 | -29.6% | +0.5% |
| 2023 | +7.1% | -44.0% |
| 2024 | +9.4% | -12.7% |
| 2025 | +50.2% | +5.7% |
| 2026 | +41.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AEF and VXZ?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.54 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for AEF?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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/aef-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aef-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEF correlations · VXZ correlations
