IVR vs VXZ: Correlation
How closely do INVESCO MORTGAGE CAPITAL INC (IVR) 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 -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVR and VXZ?
Over the past 3 years, IVR and VXZ moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.35) than the 3-year average (-0.50). Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -380.9 %².
Among the 14 assets we track against IVR, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months IVR outperformed by 33.8 percentage points (+17.7% for IVR 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.
IVR vs VXZ: side by side
| IVR (INVESCO MORTGAGE CAPITAL INC) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.7% | -16.1% |
| 5-year return | -40.5% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -41.4% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 4.7 | – |
| Dividend yield | 19.27% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IVR | VXZ |
|---|---|---|
| 2022 | -44.6% | +0.5% |
| 2023 | -14.3% | -44.0% |
| 2024 | +9.0% | -12.7% |
| 2025 | +24.9% | +5.7% |
| 2026 | -0.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVR and VXZ good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IVR and VXZ?
The IVR/VXZ correlation stands at -0.50 on a 3-year window (1 year: -0.35, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IVR?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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/ivr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IVR correlations · VXZ correlations
