AXS vs VXZ: Correlation
Axis Capital Holdings Limited (AXS) 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 -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and VXZ?
Over the past 3 years, AXS and VXZ moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.29 over 3 years. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -172.7 %².
Out of 23 assets tracked against AXS, VXZ lands near the bottom at #23. Correlation aside, the last 12 months split them widely, with AXS ahead by 17.6 points (+1.5% 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.
AXS vs VXZ: side by side
| AXS (Axis Capital Holdings Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.5% | -16.1% |
| 5-year return | +118.2% | -53.1% |
| Volatility (ann.) | 23.0% | 25.6% |
| Beta vs S&P 500 | 0.30 | -1.31 |
| Max drawdown (3Y) | -17.4% | -36.4% |
| Market cap | $7.2B | – |
| P/E (trailing) | 7.1 | – |
| Dividend yield | 1.76% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXS | VXZ |
|---|---|---|
| 2022 | +2.6% | +0.5% |
| 2023 | +5.6% | -44.0% |
| 2024 | +63.9% | -12.7% |
| 2025 | +21.9% | +5.7% |
| 2026 | -6.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, AXS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AXS and VXZ?
The AXS/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.09, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AXS?
Yes. With a correlation of -0.29, AXS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXS correlations · VXZ correlations
