FAX vs VXZ: Correlation
Measured on weekly returns over the past three years, abrdn Asia-Pacific Income Fund, Inc. (FAX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAX and VXZ?
Over the past 3 years, FAX and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.39 over 3 years. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -142.2 %².
VXZ is close to the least connected end of FAX's tracked universe, ranking #9 of 10. The last year tells two different stories: FAX led by 18.4 percentage points, +2.3% for FAX against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 1.8 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.
FAX vs VXZ: side by side
| FAX (abrdn Asia-Pacific Income Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.3% | -16.1% |
| 5-year return | +5.2% | -53.1% |
| Volatility (ann.) | 14.2% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -13.2% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 13.58% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FAX | VXZ |
|---|---|---|
| 2022 | -22.7% | +0.5% |
| 2023 | +16.8% | -44.0% |
| 2024 | +2.5% | -12.7% |
| 2025 | +18.2% | +5.7% |
| 2026 | +3.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, FAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FAX and VXZ?
The FAX/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.51, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FAX?
Yes. With a correlation of -0.39, FAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/fax-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fax-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FAX correlations · VXZ correlations
