AQN vs VXZ: Correlation
Algonquin Power & Utilities Corp. (AQN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and VXZ?
Across a 3-year window, the weekly returns of AQN and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.26). Stretching to 5 years gives -0.28, with an annualized covariance of -208.9 %².
Among the 12 assets we track against AQN, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: AQN led by 16.0 percentage points, -0.1% for AQN 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.
AQN vs VXZ: side by side
| AQN (Algonquin Power & Utilities Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -16.1% |
| 5-year return | -52.8% | -53.1% |
| Volatility (ann.) | 31.1% | 25.6% |
| Beta vs S&P 500 | 0.42 | -1.31 |
| Max drawdown (3Y) | -38.7% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 4.55% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQN | VXZ |
|---|---|---|
| 2022 | -51.7% | +0.5% |
| 2023 | +3.0% | -44.0% |
| 2024 | -25.0% | -12.7% |
| 2025 | +41.6% | +5.7% |
| 2026 | -5.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AQN and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.12 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for AQN?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/aqn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aqn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AQN correlations · VXZ correlations
