IBOC vs VXZ: Correlation
Measured on weekly returns over the past three years, International Bancshares Corporation (IBOC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBOC and VXZ?
Across a 3-year window, the weekly returns of IBOC and VXZ correlate at -0.53, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.53). Stretching to 5 years gives -0.51, with an annualized covariance of -364.5 %².
Among the 14 assets we track against IBOC, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: IBOC led by 15.2 percentage points, -0.9% for IBOC 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.
IBOC vs VXZ: side by side
| IBOC (International Bancshares Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.9% | -16.1% |
| 5-year return | +91.3% | -53.1% |
| Volatility (ann.) | 26.9% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -24.1% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 2.02% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBOC | VXZ |
|---|---|---|
| 2022 | +10.9% | +0.5% |
| 2023 | +22.0% | -44.0% |
| 2024 | +19.1% | -12.7% |
| 2025 | +7.4% | +5.7% |
| 2026 | +8.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBOC and VXZ good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IBOC and VXZ?
As of 2026-08-27, the correlation of weekly returns between IBOC and VXZ is -0.53 over 3 years, -0.26 over 1 year and -0.51 over 5 years.
Is VXZ a good diversifier for IBOC?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/iboc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iboc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBOC correlations · VXZ correlations
