ARRY vs VXZ: Correlation
Array Technologies, Inc. (ARRY) 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 -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and VXZ?
Across a 3-year window, the weekly returns of ARRY and VXZ correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.29, with an annualized covariance of -400.1 %².
Out of 14 assets tracked against ARRY, VXZ lands near the bottom at #12. The last year tells two different stories: VXZ led by 32.2 percentage points, -48.3% for ARRY against -16.1% for VXZ. Risk is not evenly split, since ARRY carries 2.9 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.
ARRY vs VXZ: side by side
| ARRY (Array Technologies, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -48.3% | -16.1% |
| 5-year return | -75.3% | -53.1% |
| Volatility (ann.) | 73.3% | 25.6% |
| Beta vs S&P 500 | 1.37 | -1.31 |
| Max drawdown (3Y) | -84.9% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARRY | VXZ |
|---|---|---|
| 2022 | +23.2% | +0.5% |
| 2023 | -13.1% | -44.0% |
| 2024 | -64.0% | -12.7% |
| 2025 | +52.6% | +5.7% |
| 2026 | -49.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.21, ARRY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARRY and VXZ?
The ARRY/VXZ correlation stands at -0.21 on a 3-year window (1 year: -0.23, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ARRY?
Yes. With a correlation of -0.21, ARRY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/arry-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arry-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARRY correlations · VXZ correlations
