ARES vs VXZ: Correlation
Ares Management (ARES) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARES and VXZ?
Across a 3-year window, the weekly returns of ARES and VXZ correlate at -0.46, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.46 over 3 years. Stretching to 5 years gives -0.52, with an annualized covariance of -420.3 %².
Out of 32 assets tracked against ARES, VXZ lands near the bottom at #30. Neither side won the trailing year by much: -17.7% against -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.
ARES vs VXZ: side by side
| ARES (Ares Management) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.7% | -16.1% |
| 5-year return | +118.7% | -53.1% |
| Volatility (ann.) | 35.5% | 25.6% |
| Beta vs S&P 500 | 1.55 | -1.31 |
| Max drawdown (3Y) | -50.0% | -36.4% |
| Market cap | $47.0B | – |
| P/E (trailing) | 65.0 | – |
| Dividend yield | 3.48% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | ARES | VXZ |
|---|---|---|
| 2022 | -12.8% | +0.5% |
| 2023 | +79.5% | -44.0% |
| 2024 | +52.7% | -12.7% |
| 2025 | -6.2% | +5.7% |
| 2026 | -9.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARES and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between ARES and VXZ?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.23 over the last year and -0.52 over 5 years.
Is VXZ a good diversifier for ARES?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
A reading of -0.46 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/ares-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ares-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARES correlations · VXZ correlations
