ALGT vs VXZ: Correlation
Allegiant Travel Company (ALGT) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGT and VXZ?
Across a 3-year window, the weekly returns of ALGT and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.31). Stretching to 5 years gives -0.39, with an annualized covariance of -456.7 %².
Among the 15 assets we track against ALGT, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months ALGT outperformed by 44.6 percentage points (+28.5% for ALGT against -16.1% for VXZ). Risk is not evenly split, since ALGT carries 2.3 times the volatility of the other side.
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.
ALGT vs VXZ: side by side
| ALGT (Allegiant Travel Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.5% | -16.1% |
| 5-year return | -55.9% | -53.1% |
| Volatility (ann.) | 58.0% | 25.6% |
| Beta vs S&P 500 | 1.36 | -1.31 |
| Max drawdown (3Y) | -61.2% | -36.4% |
| Market cap | $2.2B | – |
| P/E (trailing) | 71.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALGT | VXZ |
|---|---|---|
| 2022 | -63.6% | +0.5% |
| 2023 | +23.4% | -44.0% |
| 2024 | +16.0% | -12.7% |
| 2025 | -9.4% | +5.7% |
| 2026 | -5.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, ALGT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALGT and VXZ?
As of 2026-08-27, the correlation of weekly returns between ALGT and VXZ is -0.31 over 3 years, -0.50 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for ALGT?
Yes. With a correlation of -0.31, ALGT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/algt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/algt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALGT correlations · VXZ correlations
