AES vs VXZ: Correlation
How closely do AES Corporation (AES) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and VXZ?
Over the past 3 years, AES and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -371.6 %².
Among the 31 assets we track against AES, VXZ sits near the bottom by co-movement, at rank #30. Correlation aside, the last 12 months split them widely, with AES ahead by 32.0 points (+15.9% versus -16.1%). One caveat on sizing: AES is 1.6 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.
AES vs VXZ: side by side
| AES (AES Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.9% | -16.1% |
| 5-year return | -25.1% | -53.1% |
| Volatility (ann.) | 40.5% | 25.6% |
| Beta vs S&P 500 | 0.86 | -1.31 |
| Max drawdown (3Y) | -53.3% | -36.4% |
| Market cap | $10.5B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 4.78% | – |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AES | VXZ |
|---|---|---|
| 2022 | +21.7% | +0.5% |
| 2023 | -30.9% | -44.0% |
| 2024 | -30.4% | -12.7% |
| 2025 | +18.3% | +5.7% |
| 2026 | +6.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between AES and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.26 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for AES?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/aes-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aes-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AES correlations · VXZ correlations
