AFRM vs VXZ: Correlation
Affirm Holdings, Inc. (AFRM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRM and VXZ?
On 3 years of weekly data the AFRM/VXZ correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.44 over 3. The 5-year figure is -0.48, and annualized covariance runs at -851.4 %².
Among the 17 assets we track against AFRM, VXZ sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with AFRM ahead by 16.0 points (-0.1% versus -16.1%). One caveat on sizing: AFRM is 2.9 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.
AFRM vs VXZ: side by side
| AFRM (Affirm Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -16.1% |
| 5-year return | -22.2% | -53.1% |
| Volatility (ann.) | 75.0% | 25.6% |
| Beta vs S&P 500 | 2.77 | -1.31 |
| Max drawdown (3Y) | -55.9% | -36.4% |
| Market cap | $26.0B | – |
| P/E (trailing) | 69.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRM | VXZ |
|---|---|---|
| 2022 | -90.4% | +0.5% |
| 2023 | +408.2% | -44.0% |
| 2024 | +23.9% | -12.7% |
| 2025 | +22.2% | +5.7% |
| 2026 | +4.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.44, AFRM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFRM and VXZ?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.48 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for AFRM?
Yes. With a correlation of -0.44, AFRM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 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/afrm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afrm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFRM correlations · VXZ correlations
