AMAT vs VXZ: Correlation
Applied Materials (AMAT) 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 -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAT and VXZ?
On 3 years of weekly data the AMAT/VXZ correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -487.3 %².
Out of 34 assets tracked against AMAT, VXZ lands near the bottom at #32. Correlation aside, the last 12 months split them widely, with AMAT ahead by 211.1 points (+195.0% versus -16.1%). Note the risk asymmetry: AMAT runs 1.7 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.
AMAT vs VXZ: side by side
| AMAT (Applied Materials) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +195.0% | -16.1% |
| 5-year return | +269.5% | -53.1% |
| Volatility (ann.) | 43.5% | 25.6% |
| Beta vs S&P 500 | 1.69 | -1.31 |
| Max drawdown (3Y) | -49.9% | -36.4% |
| Market cap | $382.8B | – |
| P/E (trailing) | 41.3 | – |
| Dividend yield | 0.41% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AMAT | VXZ |
|---|---|---|
| 2022 | -37.5% | +0.5% |
| 2023 | +68.0% | -44.0% |
| 2024 | +1.1% | -12.7% |
| 2025 | +59.6% | +5.7% |
| 2026 | +88.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMAT and VXZ?
The AMAT/VXZ correlation stands at -0.44 on a 3-year window (1 year: -0.35, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AMAT?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 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/amat-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amat-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMAT correlations · VXZ correlations
