EMBJ vs VXZ: Correlation
Embraer S.A. (EMBJ) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMBJ and VXZ?
On 3 years of weekly data the EMBJ/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.61 versus -0.39 over 3 years. The 5-year figure is -0.45, and annualized covariance runs at -418.3 %².
VXZ is close to the least connected end of EMBJ's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months EMBJ outperformed by 51.7 percentage points (+35.6% for EMBJ against -16.1% for VXZ). Note the risk asymmetry: EMBJ runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EMBJ vs VXZ: side by side
| EMBJ (Embraer S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +35.6% | -16.1% |
| 5-year return | +327.0% | -53.1% |
| Volatility (ann.) | 41.9% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -32.6% | -36.4% |
| Market cap | $13.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 0.95% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMBJ | VXZ |
|---|---|---|
| 2022 | -38.4% | +0.5% |
| 2023 | +68.8% | -44.0% |
| 2024 | +98.8% | -12.7% |
| 2025 | +75.7% | +5.7% |
| 2026 | +17.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMBJ and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EMBJ and VXZ?
The EMBJ/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.61, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EMBJ?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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/embj-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/embj-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMBJ correlations · VXZ correlations
