AGO vs VXZ: Correlation
Assured Guaranty Ltd. (AGO) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGO and VXZ?
Over the past 3 years, AGO and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.43). Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -233.3 %².
Out of 14 assets tracked against AGO, VXZ lands near the bottom at #14. Over the last 12 months AGO came out ahead by 9.9 percentage points (-6.2% against -16.1%).
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.
AGO vs VXZ: side by side
| AGO (Assured Guaranty Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.2% | -16.1% |
| 5-year return | +64.9% | -53.1% |
| Volatility (ann.) | 21.4% | 25.6% |
| Beta vs S&P 500 | 0.51 | -1.31 |
| Max drawdown (3Y) | -22.0% | -36.4% |
| Market cap | $3.3B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 1.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGO | VXZ |
|---|---|---|
| 2022 | +26.2% | +0.5% |
| 2023 | +22.5% | -44.0% |
| 2024 | +22.1% | -12.7% |
| 2025 | +0.6% | +5.7% |
| 2026 | -14.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.43, AGO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AGO and VXZ?
As of 2026-08-27, the correlation of weekly returns between AGO and VXZ is -0.43 over 3 years, -0.20 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for AGO?
Yes. With a correlation of -0.43, AGO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 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/ago-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ago-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGO correlations · VXZ correlations
