APO vs VXZ: Correlation
Measured on weekly returns over the past three years, Apollo Global Management (APO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.55, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and VXZ?
On 3 years of weekly data the APO/VXZ correlation comes out at -0.55, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.55). The 5-year figure is -0.57, and annualized covariance runs at -521.0 %².
Out of 33 assets tracked against APO, VXZ lands near the bottom at #32. Correlation aside, the last 12 months split them widely, with APO ahead by 16.0 points (-0.1% versus -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.
APO vs VXZ: side by side
| APO (Apollo Global Management) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -16.1% |
| 5-year return | +149.7% | -53.1% |
| Volatility (ann.) | 36.8% | 25.6% |
| Beta vs S&P 500 | 1.62 | -1.31 |
| Max drawdown (3Y) | -42.8% | -36.4% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | APO | VXZ |
|---|---|---|
| 2022 | -9.6% | +0.5% |
| 2023 | +49.4% | -44.0% |
| 2024 | +79.9% | -12.7% |
| 2025 | -11.1% | +5.7% |
| 2026 | -6.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.55, APO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APO and VXZ?
Using weekly returns as of 2026-08-27: -0.55 over 3 years, with -0.14 over the last year and -0.57 over 5 years.
Is VXZ a good diversifier for APO?
Yes. With a correlation of -0.55, APO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 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/apo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APO correlations · VXZ correlations
