IAE vs VXZ: Correlation
How closely do Voya Asia Pacific High Dividend Equity Income Fund ING Asia (IAE) 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 -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IAE and VXZ?
On 3 years of weekly data the IAE/VXZ correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.59) runs below the 3-year figure (-0.48). The 5-year figure is -0.49, and annualized covariance runs at -202.1 %².
VXZ is close to the least connected end of IAE's tracked universe, ranking #16 of 17. The last year tells two different stories: IAE led by 53.9 percentage points, +37.8% for IAE against -16.1% for VXZ. Note the risk asymmetry: VXZ 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.
IAE vs VXZ: side by side
| IAE (Voya Asia Pacific High Dividend Equity Income Fund ING Asia) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.8% | -16.1% |
| 5-year return | +84.4% | -53.1% |
| Volatility (ann.) | 16.5% | 25.6% |
| Beta vs S&P 500 | 0.72 | -1.31 |
| Max drawdown (3Y) | -16.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IAE | VXZ |
|---|---|---|
| 2022 | -14.0% | +0.5% |
| 2023 | +9.1% | -44.0% |
| 2024 | +13.4% | -12.7% |
| 2025 | +34.6% | +5.7% |
| 2026 | +29.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IAE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.48, IAE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IAE and VXZ?
The IAE/VXZ correlation stands at -0.48 on a 3-year window (1 year: -0.59, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IAE?
Yes. With a correlation of -0.48, IAE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
A reading of -0.48 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/iae-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iae-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IAE correlations · VXZ correlations
