IBN vs VXZ: Correlation
How closely do ICICI Bank Limited (IBN) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBN and VXZ?
Over the past 3 years, IBN and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.36 over 3. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -186.9 %².
Out of 12 assets tracked against IBN, VXZ lands near the bottom at #12. Over the last 12 months IBN came out ahead by 10.3 percentage points (-5.8% against -16.1%).
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.
IBN vs VXZ: side by side
| IBN (ICICI Bank Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.8% | -16.1% |
| 5-year return | +60.9% | -53.1% |
| Volatility (ann.) | 20.2% | 25.6% |
| Beta vs S&P 500 | 0.46 | -1.31 |
| Max drawdown (3Y) | -26.2% | -36.4% |
| Market cap | $107.1B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBN | VXZ |
|---|---|---|
| 2022 | +11.3% | +0.5% |
| 2023 | +9.8% | -44.0% |
| 2024 | +26.3% | -12.7% |
| 2025 | +0.6% | +5.7% |
| 2026 | +1.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBN and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IBN and VXZ?
As of 2026-08-27, the correlation of weekly returns between IBN and VXZ is -0.36 over 3 years, -0.38 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for IBN?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
A reading of -0.36 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/ibn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBN correlations · VXZ correlations
