ARE vs VXZ: Correlation
Measured on weekly returns over the past three years, Alexandria Real Estate Equities (ARE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and VXZ?
Over the past 3 years, ARE and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -396.9 %².
Among the 34 assets we track against ARE, VXZ sits near the bottom by co-movement, at rank #34. Correlation aside, the last 12 months split them widely, with VXZ ahead by 16.0 points (-32.1% 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.
ARE vs VXZ: side by side
| ARE (Alexandria Real Estate Equities) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -32.1% | -16.1% |
| 5-year return | -68.3% | -53.1% |
| Volatility (ann.) | 38.3% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -65.6% | -36.4% |
| Market cap | $9.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | – |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | VXZ |
|---|---|---|
| 2022 | -32.6% | +0.5% |
| 2023 | -9.1% | -44.0% |
| 2024 | -19.4% | -12.7% |
| 2025 | -46.6% | +5.7% |
| 2026 | +9.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, ARE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARE and VXZ?
As of 2026-08-27, the correlation of weekly returns between ARE and VXZ is -0.41 over 3 years, -0.32 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for ARE?
Yes. With a correlation of -0.41, ARE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/are-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/are-vs-vxz/)
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Related comparisons
Hubs: ARE correlations · VXZ correlations
