AIV vs VXZ: Correlation
Apartment Investment and Management Company (AIV) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIV and VXZ?
On 3 years of weekly data the AIV/VXZ correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.23) runs above the 3-year figure (-0.45). The 5-year figure is -0.47, and annualized covariance runs at -270.1 %².
Out of 10 assets tracked against AIV, VXZ lands near the bottom at #10. Neither side won the trailing year by much: -14.9% 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.
AIV vs VXZ: side by side
| AIV (Apartment Investment and Management Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -14.9% | -16.1% |
| 5-year return | +1.3% | -53.1% |
| Volatility (ann.) | 23.7% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -27.9% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 22.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIV | VXZ |
|---|---|---|
| 2022 | -7.6% | +0.5% |
| 2023 | +10.0% | -44.0% |
| 2024 | +16.1% | -12.7% |
| 2025 | -2.2% | +5.7% |
| 2026 | -19.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIV and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AIV and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.23 over the last year and -0.47 over 5 years.
Is VXZ a good diversifier for AIV?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 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/aiv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aiv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AIV correlations · VXZ correlations
