AROW vs VXZ: Correlation
How closely do Arrow Financial Corporation (AROW) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and VXZ?
On 3 years of weekly data the AROW/VXZ correlation comes out 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 -0.29 versus -0.46 over 3 years. The 5-year figure is -0.39, and annualized covariance runs at -357.5 %².
Among the 11 assets we track against AROW, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with AROW ahead by 50.8 points (+34.7% 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.
AROW vs VXZ: side by side
| AROW (Arrow Financial Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.7% | -16.1% |
| 5-year return | +32.7% | -53.1% |
| Volatility (ann.) | 30.3% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -29.9% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.10% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | VXZ |
|---|---|---|
| 2022 | +2.3% | +0.5% |
| 2023 | -13.4% | -44.0% |
| 2024 | +7.2% | -12.7% |
| 2025 | +13.9% | +5.7% |
| 2026 | +25.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and VXZ good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AROW and VXZ?
As of 2026-08-27, the correlation of weekly returns between AROW and VXZ is -0.46 over 3 years, -0.29 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for AROW?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 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/arow-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arow-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AROW correlations · VXZ correlations
