AR vs VXZ: Correlation
How closely do Antero Resources Corporation (AR) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AR and VXZ?
Over the past 3 years, AR and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.19) runs above the 3-year figure (-0.24). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -245.5 %².
Out of 12 assets tracked against AR, VXZ lands near the bottom at #11. The last year tells two different stories: AR led by 39.2 percentage points, +23.1% for AR against -16.1% for VXZ. Risk is not evenly split, since AR carries 1.6 times the volatility of the other side.
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.
AR vs VXZ: side by side
| AR (Antero Resources Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.1% | -16.1% |
| 5-year return | +181.4% | -53.1% |
| Volatility (ann.) | 40.6% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -33.2% | -36.4% |
| Market cap | $11.8B | – |
| P/E (trailing) | 11.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AR | VXZ |
|---|---|---|
| 2022 | +77.1% | +0.5% |
| 2023 | -26.8% | -44.0% |
| 2024 | +54.5% | -12.7% |
| 2025 | -1.7% | +5.7% |
| 2026 | +11.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AR and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AR and VXZ?
As of 2026-08-27, the correlation of weekly returns between AR and VXZ is -0.24 over 3 years, 0.19 over 1 year and -0.22 over 5 years.
Is VXZ a good diversifier for AR?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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/ar-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ar-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AR correlations · VXZ correlations
