ICE vs VXZ: Correlation
Intercontinental Exchange (ICE) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and VXZ?
Over the past 3 years, ICE and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.21) than the 3-year average (-0.39). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -208.7 %².
VXZ is close to the least connected end of ICE's tracked universe, ranking #31 of 31. Over the last 12 months ICE came out ahead by 8.2 percentage points (-7.9% 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.
ICE vs VXZ: side by side
| ICE (Intercontinental Exchange) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.9% | -16.1% |
| 5-year return | +44.2% | -53.1% |
| Volatility (ann.) | 21.2% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -33.9% | -36.4% |
| Market cap | $90.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 1.24% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | ICE | VXZ |
|---|---|---|
| 2022 | -23.9% | +0.5% |
| 2023 | +27.1% | -44.0% |
| 2024 | +17.5% | -12.7% |
| 2025 | +9.9% | +5.7% |
| 2026 | +0.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, ICE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICE and VXZ?
As of 2026-08-27, the correlation of weekly returns between ICE and VXZ is -0.39 over 3 years, -0.21 over 1 year and -0.42 over 5 years.
Is VXZ a good diversifier for ICE?
Yes. With a correlation of -0.39, ICE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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/ice-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ice-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICE correlations · VXZ correlations
