AFL vs VXZ: Correlation
How closely do Aflac (AFL) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFL and VXZ?
Across a 3-year window, the weekly returns of AFL and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.31). Stretching to 5 years gives -0.40, with an annualized covariance of -152.8 %².
VXZ is close to the least connected end of AFL's tracked universe, ranking #32 of 32. The last year tells two different stories: AFL led by 26.9 percentage points, +10.8% for AFL 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.
AFL vs VXZ: side by side
| AFL (Aflac) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.8% | -16.1% |
| 5-year return | +131.3% | -53.1% |
| Volatility (ann.) | 19.2% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -13.6% | -36.4% |
| Market cap | $58.4B | – |
| P/E (trailing) | 12.6 | – |
| Dividend yield | 2.03% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AFL | VXZ |
|---|---|---|
| 2022 | +26.4% | +0.5% |
| 2023 | +17.4% | -44.0% |
| 2024 | +28.1% | -12.7% |
| 2025 | +8.9% | +5.7% |
| 2026 | +7.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, AFL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFL and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.05 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for AFL?
Yes. With a correlation of -0.31, AFL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFL correlations · VXZ correlations
