IFS vs VXZ: Correlation
How closely do Intercorp Financial Services Inc. (IFS) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFS and VXZ?
Across a 3-year window, the weekly returns of IFS and VXZ correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.28, with an annualized covariance of -183.1 %².
VXZ is close to the least connected end of IFS's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months IFS outperformed by 59.3 percentage points (+43.2% for IFS 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.
IFS vs VXZ: side by side
| IFS (Intercorp Financial Services Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +43.2% | -16.1% |
| 5-year return | +212.7% | -53.1% |
| Volatility (ann.) | 30.7% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -26.8% | -36.4% |
| Market cap | $6.0B | – |
| P/E (trailing) | 10.0 | – |
| Dividend yield | 11.04% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IFS | VXZ |
|---|---|---|
| 2022 | -5.4% | +0.5% |
| 2023 | -1.5% | -44.0% |
| 2024 | +39.9% | -12.7% |
| 2025 | +49.0% | +5.7% |
| 2026 | +33.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, IFS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IFS and VXZ?
The IFS/VXZ correlation stands at -0.23 on a 3-year window (1 year: -0.29, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IFS?
Yes. With a correlation of -0.23, IFS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/ifs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ifs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IFS correlations · VXZ correlations
