ARI vs VXZ: Correlation
How closely do Apollo Commercial Real Estate Finance, Inc (ARI) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARI and VXZ?
Across a 3-year window, the weekly returns of ARI and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.42 over 3 years. Stretching to 5 years gives -0.48, with an annualized covariance of -253.8 %².
Among the 10 assets we track against ARI, VXZ sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months ARI outperformed by 27.5 percentage points (+11.4% for ARI 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.
ARI vs VXZ: side by side
| ARI (Apollo Commercial Real Estate Finance, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.4% | -16.1% |
| 5-year return | +21.3% | -53.1% |
| Volatility (ann.) | 23.8% | 25.6% |
| Beta vs S&P 500 | 0.64 | -1.31 |
| Max drawdown (3Y) | -24.7% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 14.68% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARI | VXZ |
|---|---|---|
| 2022 | -7.1% | +0.5% |
| 2023 | +24.5% | -44.0% |
| 2024 | -16.5% | -12.7% |
| 2025 | +23.8% | +5.7% |
| 2026 | +13.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between ARI and VXZ?
As of 2026-08-27, the correlation of weekly returns between ARI and VXZ is -0.42 over 3 years, -0.18 over 1 year and -0.48 over 5 years.
Is VXZ a good diversifier for ARI?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 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/ari-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ari-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARI correlations · VXZ correlations
