APD vs VXZ: Correlation
How closely do Air Products (APD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and VXZ?
Over the past 3 years, APD and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.23). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -157.5 %².
Among the 33 assets we track against APD, VXZ sits near the bottom by co-movement, at rank #31. Their recent paths diverged sharply: over the last 12 months APD outperformed by 22.6 percentage points (+6.5% for APD 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.
APD vs VXZ: side by side
| APD (Air Products) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.5% | -16.1% |
| 5-year return | +28.2% | -53.1% |
| Volatility (ann.) | 26.7% | 25.6% |
| Beta vs S&P 500 | 0.64 | -1.31 |
| Max drawdown (3Y) | -30.4% | -36.4% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | APD | VXZ |
|---|---|---|
| 2022 | +3.9% | +0.5% |
| 2023 | -9.0% | -44.0% |
| 2024 | +8.1% | -12.7% |
| 2025 | -12.7% | +5.7% |
| 2026 | +26.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, APD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APD and VXZ?
The APD/VXZ correlation stands at -0.23 on a 3-year window (1 year: -0.08, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for APD?
Yes. With a correlation of -0.23, APD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/apd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · VXZ correlations
