AZZ vs VXZ: Correlation
AZZ Inc. (AZZ) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZZ and VXZ?
On 3 years of weekly data the AZZ/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.40). The 5-year figure is -0.45, and annualized covariance runs at -334.8 %².
Among the 11 assets we track against AZZ, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with AZZ ahead by 36.9 points (+20.8% 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.
AZZ vs VXZ: side by side
| AZZ (AZZ Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.8% | -16.1% |
| 5-year return | +177.7% | -53.1% |
| Volatility (ann.) | 32.5% | 25.6% |
| Beta vs S&P 500 | 1.09 | -1.31 |
| Max drawdown (3Y) | -23.7% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | 21.5 | – |
| Dividend yield | 0.57% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AZZ | VXZ |
|---|---|---|
| 2022 | -26.1% | +0.5% |
| 2023 | +46.8% | -44.0% |
| 2024 | +42.3% | -12.7% |
| 2025 | +31.9% | +5.7% |
| 2026 | +31.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZZ and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between AZZ and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.26 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for AZZ?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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/azz-vs-vxz.json
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[](https://www.pairbook.io/pair/azz-vs-vxz/)
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Related comparisons
Hubs: AZZ correlations · VXZ correlations
