IVV vs VXZ: Correlation
Measured on weekly returns over the past three years, iShares Core S&P 500 ETF (IVV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.74, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and VXZ?
Across a 3-year window, the weekly returns of IVV and VXZ correlate at -0.74, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.67) sits close to the 3-year figure. Stretching to 5 years gives -0.71, with an annualized covariance of -273.5 %².
Out of 122 assets tracked against IVV, VXZ lands near the bottom at #120. The last year tells two different stories: IVV led by 36.8 percentage points, +20.7% for IVV against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 1.8 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.
IVV vs VXZ: side by side
| IVV (iShares Core S&P 500 ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.7% | -16.1% |
| 5-year return | +83.0% | -53.1% |
| Volatility (ann.) | 14.5% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -18.8% | -36.4% |
| Dividend yield | 1.09% | – |
| Expense ratio | 0.03% | – |
| Assets under management | $869.2B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, IVV sits in the Large Blend category at iShares, with $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | IVV | VXZ |
|---|---|---|
| 2022 | -18.2% | +0.5% |
| 2023 | +26.3% | -44.0% |
| 2024 | +24.9% | -12.7% |
| 2025 | +17.8% | +5.7% |
| 2026 | +13.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
FAQ
What is the correlation between IVV and VXZ?
As of 2026-08-27, the correlation of weekly returns between IVV and VXZ is -0.74 over 3 years, -0.67 over 1 year and -0.71 over 5 years.
Is VXZ a good diversifier for IVV?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
What does a correlation of -0.74 mean?
On the −1 to +1 scale, -0.74 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/ivv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IVV correlations · VXZ correlations
