AON vs VXZ: Correlation
Measured on weekly returns over the past three years, Aon plc (AON) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and VXZ?
Over the past 3 years, AON and VXZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.22 over 3 years. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -119.9 %².
VXZ is close to the least connected end of AON's tracked universe, ranking #31 of 32. Over the last 12 months AON came out ahead by 11.5 percentage points (-4.6% against -16.1%).
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.
AON vs VXZ: side by side
| AON (Aon plc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.6% | -16.1% |
| 5-year return | +27.0% | -53.1% |
| Volatility (ann.) | 21.7% | 25.6% |
| Beta vs S&P 500 | 0.34 | -1.31 |
| Max drawdown (3Y) | -24.2% | -36.4% |
| Market cap | $74.2B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 0.86% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AON | VXZ |
|---|---|---|
| 2022 | +0.6% | +0.5% |
| 2023 | -2.3% | -44.0% |
| 2024 | +24.5% | -12.7% |
| 2025 | -1.2% | +5.7% |
| 2026 | -0.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between AON and VXZ?
The AON/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.10, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AON?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/aon-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AON correlations · VXZ correlations
