ASTL vs VXZ: Correlation
Algoma Steel Group Inc. (ASTL) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTL and VXZ?
Across a 3-year window, the weekly returns of ASTL and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -363.5 %².
Among the 10 assets we track against ASTL, VXZ sits near the bottom by co-movement, at rank #10. Their 12-month results are close: -13.0% for ASTL against -16.1% for VXZ. Note the risk asymmetry: ASTL runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ASTL vs VXZ: side by side
| ASTL (Algoma Steel Group Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.0% | -16.1% |
| 5-year return | -57.3% | -53.1% |
| Volatility (ann.) | 53.9% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -72.9% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.02% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASTL | VXZ |
|---|---|---|
| 2022 | -39.4% | +0.5% |
| 2023 | +62.5% | -44.0% |
| 2024 | -0.2% | -12.7% |
| 2025 | -57.4% | +5.7% |
| 2026 | +4.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTL and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ASTL and VXZ?
As of 2026-08-27, the correlation of weekly returns between ASTL and VXZ is -0.26 over 3 years, -0.33 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for ASTL?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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/astl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/astl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASTL correlations · VXZ correlations
