AMG vs VXZ: Correlation
Measured on weekly returns over the past three years, Affiliated Managers Group, Inc. (AMG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMG and VXZ?
On 3 years of weekly data the AMG/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.43 over 3 years. The 5-year figure is -0.45, and annualized covariance runs at -291.1 %².
VXZ is close to the least connected end of AMG's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months AMG outperformed by 78.8 percentage points (+62.7% for AMG against -16.1% for VXZ).
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.
AMG vs VXZ: side by side
| AMG (Affiliated Managers Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +62.7% | -16.1% |
| 5-year return | +116.5% | -53.1% |
| Volatility (ann.) | 26.6% | 25.6% |
| Beta vs S&P 500 | 0.82 | -1.31 |
| Max drawdown (3Y) | -27.0% | -36.4% |
| Market cap | $9.6B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 0.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMG | VXZ |
|---|---|---|
| 2022 | -3.7% | +0.5% |
| 2023 | -4.4% | -44.0% |
| 2024 | +22.2% | -12.7% |
| 2025 | +55.9% | +5.7% |
| 2026 | +28.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMG and VXZ?
The AMG/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.26, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AMG?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMG correlations · VXZ correlations
