AXTA vs VXZ: Correlation
Axalta Coating Systems Ltd. (AXTA) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXTA and VXZ?
Over the past 3 years, AXTA and VXZ moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.36 versus -0.46 over 3 years. Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -348.9 %².
Out of 17 assets tracked against AXTA, VXZ lands near the bottom at #17. The last year tells two different stories: AXTA led by 32.7 percentage points, +16.6% for AXTA against -16.1% for VXZ.
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.
AXTA vs VXZ: side by side
| AXTA (Axalta Coating Systems Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.6% | -16.1% |
| 5-year return | +18.4% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 1.01 | -1.31 |
| Max drawdown (3Y) | -38.4% | -36.4% |
| Market cap | $7.9B | – |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXTA | VXZ |
|---|---|---|
| 2022 | -23.1% | +0.5% |
| 2023 | +33.4% | -44.0% |
| 2024 | +0.7% | -12.7% |
| 2025 | -5.6% | +5.7% |
| 2026 | +13.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXTA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, AXTA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AXTA and VXZ?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.36 over the last year and -0.51 over 5 years.
Is VXZ a good diversifier for AXTA?
Yes. With a correlation of -0.46, AXTA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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/axta-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axta-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXTA correlations · VXZ correlations
