IGIC vs VXZ: Correlation
International General Insurance Holdings Ltd. (IGIC) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGIC and VXZ?
Over the past 3 years, IGIC and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -187.4 %².
Among the 12 assets we track against IGIC, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with IGIC ahead by 31.9 points (+15.8% 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.
IGIC vs VXZ: side by side
| IGIC (International General Insurance Holdings Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.8% | -16.1% |
| 5-year return | +246.3% | -53.1% |
| Volatility (ann.) | 28.5% | 25.6% |
| Beta vs S&P 500 | 0.53 | -1.31 |
| Max drawdown (3Y) | -18.2% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 1.31% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IGIC | VXZ |
|---|---|---|
| 2022 | +1.6% | +0.5% |
| 2023 | +61.7% | -44.0% |
| 2024 | +92.4% | -12.7% |
| 2025 | +13.8% | +5.7% |
| 2026 | +12.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGIC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between IGIC and VXZ?
As of 2026-08-27, the correlation of weekly returns between IGIC and VXZ is -0.26 over 3 years, -0.30 over 1 year and -0.22 over 5 years.
Is VXZ a good diversifier for IGIC?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/igic-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/igic-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IGIC correlations · VXZ correlations
