AVY vs VXZ: Correlation
How closely do Avery Dennison (AVY) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and VXZ?
On 3 years of weekly data the AVY/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.40 over 3. The 5-year figure is -0.48, and annualized covariance runs at -208.6 %².
Out of 38 assets tracked against AVY, VXZ lands near the bottom at #37. Their recent paths diverged sharply: over the last 12 months AVY outperformed by 21.4 percentage points (+5.3% for AVY 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.
AVY vs VXZ: side by side
| AVY (Avery Dennison) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.3% | -16.1% |
| 5-year return | -14.0% | -53.1% |
| Volatility (ann.) | 20.2% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -30.6% | -36.4% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AVY | VXZ |
|---|---|---|
| 2022 | -15.1% | +0.5% |
| 2023 | +13.7% | -44.0% |
| 2024 | -5.9% | -12.7% |
| 2025 | -0.7% | +5.7% |
| 2026 | -0.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and VXZ good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AVY and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.46 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for AVY?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
A reading of -0.40 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/avy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVY correlations · VXZ correlations
