AFRI vs VXZ: Correlation
Measured on weekly returns over the past three years, Forafric Global PLC (AFRI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRI and VXZ?
Across a 3-year window, the weekly returns of AFRI and VXZ correlate at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.19, with an annualized covariance of -140.8 %².
Among the 11 assets we track against AFRI, VXZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: AFRI led by 40.5 percentage points, +24.4% for AFRI 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.
AFRI vs VXZ: side by side
| AFRI (Forafric Global PLC) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -16.1% |
| 5-year return | +9.0% | -53.1% |
| Volatility (ann.) | 21.7% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -34.3% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRI | VXZ |
|---|---|---|
| 2022 | +9.7% | +0.5% |
| 2023 | -4.6% | -44.0% |
| 2024 | -3.2% | -12.7% |
| 2025 | +7.6% | +5.7% |
| 2026 | -1.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, AFRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFRI and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.31 over the last year and -0.19 over 5 years.
Is VXZ a good diversifier for AFRI?
Yes. With a correlation of -0.25, AFRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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/afri-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afri-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFRI correlations · VXZ correlations
