EWJ vs VXZ: Correlation
How closely do iShares MSCI Japan ETF (EWJ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.58, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and VXZ?
On 3 years of weekly data the EWJ/VXZ correlation comes out at -0.58, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.50 over 1 year against -0.58 over 3. The 5-year figure is -0.59, and annualized covariance runs at -290.1 %².
Among the 70 assets we track against EWJ, VXZ sits near the bottom by co-movement, at rank #69. The last year tells two different stories: EWJ led by 43.2 percentage points, +27.1% for EWJ 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.
EWJ vs VXZ: side by side
| EWJ (iShares MSCI Japan ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +27.1% | -16.1% |
| 5-year return | +58.6% | -53.1% |
| Volatility (ann.) | 19.6% | 25.6% |
| Beta vs S&P 500 | 0.94 | -1.31 |
| Max drawdown (3Y) | -14.7% | -36.4% |
| Dividend yield | 3.86% | – |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
EWJ is a Japan Stock fund from iShares: $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | EWJ | VXZ |
|---|---|---|
| 2022 | -17.7% | +0.5% |
| 2023 | +20.3% | -44.0% |
| 2024 | +7.0% | -12.7% |
| 2025 | +25.8% | +5.7% |
| 2026 | +19.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.58, EWJ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EWJ and VXZ?
As of 2026-08-27, the correlation of weekly returns between EWJ and VXZ is -0.58 over 3 years, -0.50 over 1 year and -0.59 over 5 years.
Is VXZ a good diversifier for EWJ?
Yes. With a correlation of -0.58, EWJ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.58 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWJ correlations · VXZ correlations
