ALC vs VXZ: Correlation
Alcon Inc. (ALC) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALC and VXZ?
Across a 3-year window, the weekly returns of ALC and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -237.1 %².
Out of 13 assets tracked against ALC, VXZ lands near the bottom at #13. The trailing year gives ALC the advantage: -10.8% versus -16.1%, a 5.3-point spread.
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.
ALC vs VXZ: side by side
| ALC (Alcon Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.8% | -16.1% |
| 5-year return | -10.3% | -53.1% |
| Volatility (ann.) | 26.0% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -37.9% | -36.4% |
| Market cap | $34.9B | – |
| P/E (trailing) | 55.6 | – |
| Dividend yield | 0.49% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALC | VXZ |
|---|---|---|
| 2022 | -21.1% | +0.5% |
| 2023 | +14.3% | -44.0% |
| 2024 | +9.0% | -12.7% |
| 2025 | -6.8% | +5.7% |
| 2026 | -7.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, ALC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALC and VXZ?
As of 2026-08-27, the correlation of weekly returns between ALC and VXZ is -0.36 over 3 years, -0.37 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for ALC?
Yes. With a correlation of -0.36, ALC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/alc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALC correlations · VXZ correlations
