AXON vs VXZ: Correlation
Measured on weekly returns over the past three years, Axon Enterprise (AXON) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and VXZ?
On 3 years of weekly data the AXON/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.34). The 5-year figure is -0.36, and annualized covariance runs at -495.6 %².
Among the 35 assets we track against AXON, VXZ sits near the bottom by co-movement, at rank #34. Neither side won the trailing year by much: -20.6% against -16.1%. One caveat on sizing: AXON is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AXON vs VXZ: side by side
| AXON (Axon Enterprise) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.6% | -16.1% |
| 5-year return | +216.9% | -53.1% |
| Volatility (ann.) | 57.4% | 25.6% |
| Beta vs S&P 500 | 1.51 | -1.31 |
| Max drawdown (3Y) | -60.3% | -36.4% |
| Market cap | $49.7B | – |
| P/E (trailing) | 250.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | VXZ |
|---|---|---|
| 2022 | +5.7% | +0.5% |
| 2023 | +55.7% | -44.0% |
| 2024 | +130.1% | -12.7% |
| 2025 | -4.4% | +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 AXON and VXZ good diversifiers for each other?
Yes. With a correlation of -0.34, AXON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AXON and VXZ?
The AXON/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.24, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AXON?
Yes. With a correlation of -0.34, AXON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
A reading of -0.34 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/axon-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXON correlations · VXZ correlations
