AWRE vs VXZ: Correlation
Aware, Inc. (AWRE) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWRE and VXZ?
Across a 3-year window, the weekly returns of AWRE and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -551.1 %².
Out of 11 assets tracked against AWRE, VXZ lands near the bottom at #11. The last year tells two different stories: VXZ led by 28.7 percentage points, -44.8% for AWRE against -16.1% for VXZ. Note the risk asymmetry: AWRE runs 2.6 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.
AWRE vs VXZ: side by side
| AWRE (Aware, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.8% | -16.1% |
| 5-year return | -69.6% | -53.1% |
| Volatility (ann.) | 65.6% | 25.6% |
| Beta vs S&P 500 | 1.56 | -1.31 |
| Max drawdown (3Y) | -62.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWRE | VXZ |
|---|---|---|
| 2022 | -45.7% | +0.5% |
| 2023 | -2.9% | -44.0% |
| 2024 | +17.5% | -12.7% |
| 2025 | -5.1% | +5.7% |
| 2026 | -33.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWRE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, AWRE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AWRE and VXZ?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.38 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for AWRE?
Yes. With a correlation of -0.33, AWRE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 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/awre-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awre-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AWRE correlations · VXZ correlations
