AER vs VXZ: Correlation
Measured on weekly returns over the past three years, AerCap Holdings N.V. (AER) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.61, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AER and VXZ?
Across a 3-year window, the weekly returns of AER and VXZ correlate at -0.61, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.40) runs above the 3-year figure (-0.61). Stretching to 5 years gives -0.56, with an annualized covariance of -342.1 %².
Among the 11 assets we track against AER, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: AER led by 37.5 percentage points, +21.4% for AER 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.
AER vs VXZ: side by side
| AER (AerCap Holdings N.V.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -16.1% |
| 5-year return | +178.9% | -53.1% |
| Volatility (ann.) | 22.0% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -15.7% | -36.4% |
| Market cap | $23.3B | – |
| P/E (trailing) | 7.4 | – |
| Dividend yield | 0.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AER | VXZ |
|---|---|---|
| 2022 | -10.9% | +0.5% |
| 2023 | +27.4% | -44.0% |
| 2024 | +29.8% | -12.7% |
| 2025 | +51.4% | +5.7% |
| 2026 | +3.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AER and VXZ good diversifiers for each other?
Yes. With a correlation of -0.61, AER and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AER and VXZ?
The AER/VXZ correlation stands at -0.61 on a 3-year window (1 year: -0.40, 5 years: -0.56), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AER?
Yes. With a correlation of -0.61, AER and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.61 mean?
A reading of -0.61 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/aer-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aer-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AER correlations · VXZ correlations
