AIP vs VXZ: Correlation
Arteris, Inc. (AIP) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIP and VXZ?
Across a 3-year window, the weekly returns of AIP and VXZ correlate at -0.41, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.41). Stretching to 5 years gives -0.38, with an annualized covariance of -690.6 %².
Among the 13 assets we track against AIP, VXZ sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with AIP ahead by 159.5 points (+143.4% versus -16.1%). Note the risk asymmetry: AIP runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AIP vs VXZ: side by side
| AIP (Arteris, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +143.4% | -16.1% |
| 5-year return | +29.7% | -53.1% |
| Volatility (ann.) | 65.6% | 25.6% |
| Beta vs S&P 500 | 2.01 | -1.31 |
| Max drawdown (3Y) | -54.5% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIP | VXZ |
|---|---|---|
| 2022 | -79.6% | +0.5% |
| 2023 | +37.0% | -44.0% |
| 2024 | +73.0% | -12.7% |
| 2025 | +52.1% | +5.7% |
| 2026 | +52.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIP and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between AIP and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.18 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for AIP?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/aip-vs-vxz.json
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[](https://www.pairbook.io/pair/aip-vs-vxz/)
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Related comparisons
Hubs: AIP correlations · VXZ correlations
