AMBP vs VXZ: Correlation
Measured on weekly returns over the past three years, Ardagh Metal Packaging S.A. (AMBP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMBP and VXZ?
Across a 3-year window, the weekly returns of AMBP and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -340.6 %².
VXZ is close to the least connected end of AMBP's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with AMBP ahead by 63.1 points (+47.0% versus -16.1%). Risk is not evenly split, since AMBP carries 1.7 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.
AMBP vs VXZ: side by side
| AMBP (Ardagh Metal Packaging S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +47.0% | -16.1% |
| 5-year return | -26.6% | -53.1% |
| Volatility (ann.) | 43.0% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -39.2% | -36.4% |
| Market cap | $3.1B | – |
| P/E (trailing) | 103.4 | – |
| Dividend yield | 7.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMBP | VXZ |
|---|---|---|
| 2022 | -42.5% | +0.5% |
| 2023 | -11.5% | -44.0% |
| 2024 | -12.4% | -12.7% |
| 2025 | +49.2% | +5.7% |
| 2026 | +32.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMBP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, AMBP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMBP and VXZ?
The AMBP/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.35, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AMBP?
Yes. With a correlation of -0.31, AMBP 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/ambp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ambp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMBP correlations · VXZ correlations
