IBEX vs VXZ: Correlation
IBEX Limited - Common Share (IBEX) 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 -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBEX and VXZ?
Over the past 3 years, IBEX and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -324.6 %².
Out of 12 assets tracked against IBEX, VXZ lands near the bottom at #12. The last year tells two different stories: IBEX led by 42.8 percentage points, +26.7% for IBEX against -16.1% for VXZ. Risk is not evenly split, since IBEX carries 1.8 times the volatility of the other side.
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.
IBEX vs VXZ: side by side
| IBEX (IBEX Limited - Common Share) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.7% | -16.1% |
| 5-year return | +104.6% | -53.1% |
| Volatility (ann.) | 45.5% | 25.6% |
| Beta vs S&P 500 | 1.03 | -1.31 |
| Max drawdown (3Y) | -37.1% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBEX | VXZ |
|---|---|---|
| 2022 | +92.8% | +0.5% |
| 2023 | -23.5% | -44.0% |
| 2024 | +13.0% | -12.7% |
| 2025 | +77.7% | +5.7% |
| 2026 | -2.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBEX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, IBEX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IBEX and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.34 over the last year and -0.27 over 5 years.
Is VXZ a good diversifier for IBEX?
Yes. With a correlation of -0.28, IBEX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/ibex-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibex-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBEX correlations · VXZ correlations
