IE vs VXZ: Correlation
Measured on weekly returns over the past three years, Ivanhoe Electric Inc. (IE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IE and VXZ?
On 3 years of weekly data the IE/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.35). The 5-year figure is -0.38, and annualized covariance runs at -614.5 %².
Out of 14 assets tracked against IE, VXZ lands near the bottom at #13. The last year tells two different stories: IE led by 47.2 percentage points, +31.1% for IE against -16.1% for VXZ. Risk is not evenly split, since IE carries 2.7 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.
IE vs VXZ: side by side
| IE (Ivanhoe Electric Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.1% | -16.1% |
| 5-year return | +8.2% | -53.1% |
| Volatility (ann.) | 69.5% | 25.6% |
| Beta vs S&P 500 | 2.00 | -1.31 |
| Max drawdown (3Y) | -70.7% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IE | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | -17.0% | -44.0% |
| 2024 | -25.1% | -12.7% |
| 2025 | +111.7% | +5.7% |
| 2026 | -26.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, IE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IE and VXZ?
The IE/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.49, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IE?
Yes. With a correlation of -0.35, IE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ie-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ie-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IE correlations · VXZ correlations
