KALU vs VXZ: Correlation
How closely do Kaiser Aluminum Corporation (KALU) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALU and VXZ?
Across a 3-year window, the weekly returns of KALU and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.46, with an annualized covariance of -514.9 %².
Among the 17 assets we track against KALU, VXZ sits near the bottom by co-movement, at rank #16. The last year tells two different stories: KALU led by 119.9 percentage points, +103.8% for KALU against -16.1% for VXZ. Note the risk asymmetry: KALU runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
KALU vs VXZ: side by side
| KALU (Kaiser Aluminum Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +103.8% | -16.1% |
| 5-year return | +51.7% | -53.1% |
| Volatility (ann.) | 46.6% | 25.6% |
| Beta vs S&P 500 | 1.72 | -1.31 |
| Max drawdown (3Y) | -48.9% | -36.4% |
| Market cap | $2.6B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KALU | VXZ |
|---|---|---|
| 2022 | -16.2% | +0.5% |
| 2023 | -2.1% | -44.0% |
| 2024 | +2.7% | -12.7% |
| 2025 | +70.1% | +5.7% |
| 2026 | +38.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALU and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KALU and VXZ?
As of 2026-08-27, the correlation of weekly returns between KALU and VXZ is -0.43 over 3 years, -0.34 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for KALU?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kalu-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kalu-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KALU correlations · VXZ correlations
