IFF vs VXZ: Correlation
Measured on weekly returns over the past three years, International Flavors & Fragrances (IFF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFF and VXZ?
On 3 years of weekly data the IFF/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. The 5-year figure is -0.37, and annualized covariance runs at -207.2 %².
Out of 32 assets tracked against IFF, VXZ lands near the bottom at #31. Correlation aside, the last 12 months split them widely, with IFF ahead by 49.3 points (+33.2% versus -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.
IFF vs VXZ: side by side
| IFF (International Flavors & Fragrances) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.2% | -16.1% |
| 5-year return | -34.3% | -53.1% |
| Volatility (ann.) | 29.5% | 25.6% |
| Beta vs S&P 500 | 0.69 | -1.31 |
| Max drawdown (3Y) | -42.6% | -36.4% |
| Market cap | $22.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.84% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IFF | VXZ |
|---|---|---|
| 2022 | -28.3% | +0.5% |
| 2023 | -19.5% | -44.0% |
| 2024 | +6.3% | -12.7% |
| 2025 | -18.4% | +5.7% |
| 2026 | +30.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, IFF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IFF and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.29 over the last year and -0.37 over 5 years.
Is VXZ a good diversifier for IFF?
Yes. With a correlation of -0.27, IFF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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/iff-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iff-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IFF correlations · VXZ correlations
