AVK vs VXZ: Correlation
Advent Convertible and Income Fund (AVK) 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 -0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVK and VXZ?
Over the past 3 years, AVK and VXZ moved with a correlation of -0.55, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.65 lands near the 3-year figure. Over 5 years the correlation is -0.54, and the annualized covariance of weekly returns is -234.0 %².
VXZ is close to the least connected end of AVK's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with AVK ahead by 28.7 points (+12.6% versus -16.1%). Risk is not evenly split, since VXZ carries 1.5 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.
AVK vs VXZ: side by side
| AVK (Advent Convertible and Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.6% | -16.1% |
| 5-year return | +28.2% | -53.1% |
| Volatility (ann.) | 16.6% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -17.7% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 11.20% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVK | VXZ |
|---|---|---|
| 2022 | -34.5% | +0.5% |
| 2023 | +18.1% | -44.0% |
| 2024 | +19.4% | -12.7% |
| 2025 | +19.6% | +5.7% |
| 2026 | +7.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVK and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
FAQ
What is the correlation between AVK and VXZ?
Using weekly returns as of 2026-08-27: -0.55 over 3 years, with -0.65 over the last year and -0.54 over 5 years.
Is VXZ a good diversifier for AVK?
By historical standards, yes. A correlation of -0.55 means the two rarely move for the same reasons.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVK correlations · VXZ correlations
