AX vs VXZ: Correlation
Axos Financial, Inc. (AX) 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 -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AX and VXZ?
On 3 years of weekly data the AX/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. The 5-year figure is -0.49, and annualized covariance runs at -482.3 %².
VXZ is close to the least connected end of AX's tracked universe, ranking #15 of 15. Correlation aside, the last 12 months split them widely, with AX ahead by 21.6 points (+5.5% versus -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.
AX vs VXZ: side by side
| AX (Axos Financial, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.5% | -16.1% |
| 5-year return | +99.7% | -53.1% |
| Volatility (ann.) | 38.3% | 25.6% |
| Beta vs S&P 500 | 1.12 | -1.31 |
| Max drawdown (3Y) | -34.9% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AX | VXZ |
|---|---|---|
| 2022 | -31.6% | +0.5% |
| 2023 | +42.9% | -44.0% |
| 2024 | +27.9% | -12.7% |
| 2025 | +23.4% | +5.7% |
| 2026 | +13.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between AX and VXZ?
As of 2026-08-27, the correlation of weekly returns between AX and VXZ is -0.49 over 3 years, -0.42 over 1 year and -0.49 over 5 years.
Is VXZ a good diversifier for AX?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 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/ax-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ax-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AX correlations · VXZ correlations
