APPF vs VXZ: Correlation
How closely do AppFolio, Inc. (APPF) 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 -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APPF and VXZ?
Across a 3-year window, the weekly returns of APPF and VXZ correlate at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -237.1 %².
Out of 13 assets tracked against APPF, VXZ lands near the bottom at #11. Their 12-month results are close: -16.0% for APPF against -16.1% for VXZ. One caveat on sizing: APPF is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
APPF vs VXZ: side by side
| APPF (AppFolio, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.0% | -16.1% |
| 5-year return | +93.0% | -53.1% |
| Volatility (ann.) | 41.6% | 25.6% |
| Beta vs S&P 500 | 0.64 | -1.31 |
| Max drawdown (3Y) | -55.4% | -36.4% |
| Market cap | $8.2B | – |
| P/E (trailing) | 50.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APPF | VXZ |
|---|---|---|
| 2022 | -13.0% | +0.5% |
| 2023 | +64.4% | -44.0% |
| 2024 | +42.4% | -12.7% |
| 2025 | -5.7% | +5.7% |
| 2026 | -0.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APPF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, APPF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APPF and VXZ?
The APPF/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.24, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for APPF?
Yes. With a correlation of -0.22, APPF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/appf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/appf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APPF correlations · VXZ correlations
