AYA vs VXZ: Correlation
Measured on weekly returns over the past three years, Aya Gold & Silver Inc. (AYA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AYA and VXZ?
Over the past 3 years, AYA and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.53) runs below the 3-year figure (-0.26). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -481.6 %².
Among the 14 assets we track against AYA, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months AYA outperformed by 228.7 percentage points (+212.6% for AYA against -16.1% for VXZ). One caveat on sizing: AYA is 2.9 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.
AYA vs VXZ: side by side
| AYA (Aya Gold & Silver Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +212.6% | -16.1% |
| 5-year return | +267.0% | -53.1% |
| Volatility (ann.) | 73.7% | 25.6% |
| Beta vs S&P 500 | 1.95 | -1.31 |
| Max drawdown (3Y) | -56.1% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | 36.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AYA | VXZ |
|---|---|---|
| 2022 | -11.0% | +0.5% |
| 2023 | +10.4% | -44.0% |
| 2024 | +2.0% | -12.7% |
| 2025 | +92.4% | +5.7% |
| 2026 | +103.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AYA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, AYA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AYA and VXZ?
As of 2026-08-27, the correlation of weekly returns between AYA and VXZ is -0.26 over 3 years, -0.53 over 1 year and -0.21 over 5 years.
Is VXZ a good diversifier for AYA?
Yes. With a correlation of -0.26, AYA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/aya-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aya-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AYA correlations · VXZ correlations
