AWI vs VXZ: Correlation
Armstrong World Industries Inc (AWI) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and VXZ?
Across a 3-year window, the weekly returns of AWI and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.43 over 3. Stretching to 5 years gives -0.45, with an annualized covariance of -298.0 %².
Out of 15 assets tracked against AWI, VXZ lands near the bottom at #15. Over the last 12 months AWI came out ahead by 5.6 percentage points (-10.5% against -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.
AWI vs VXZ: side by side
| AWI (Armstrong World Industries Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.5% | -16.1% |
| 5-year return | +76.7% | -53.1% |
| Volatility (ann.) | 27.3% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -25.2% | -36.4% |
| Market cap | $7.4B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.76% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWI | VXZ |
|---|---|---|
| 2022 | -40.3% | +0.5% |
| 2023 | +45.4% | -44.0% |
| 2024 | +45.1% | -12.7% |
| 2025 | +36.2% | +5.7% |
| 2026 | -7.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between AWI and VXZ?
As of 2026-08-27, the correlation of weekly returns between AWI and VXZ is -0.43 over 3 years, -0.38 over 1 year and -0.45 over 5 years.
Is VXZ a good diversifier for AWI?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 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/awi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AWI correlations · VXZ correlations
