KD vs VXZ: Correlation
Measured on weekly returns over the past three years, Kyndryl Holdings, Inc. (KD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KD and VXZ?
Across a 3-year window, the weekly returns of KD and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -551.4 %².
Among the 27 assets we track against KD, VXZ sits near the bottom by co-movement, at rank #27. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 41.9 percentage points (-58.0% for KD against -16.1% for VXZ). Note the risk asymmetry: KD runs 2.1 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.
KD vs VXZ: side by side
| KD (Kyndryl Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -58.0% | -16.1% |
| 5-year return | -67.5% | -53.1% |
| Volatility (ann.) | 53.4% | 25.6% |
| Beta vs S&P 500 | 1.59 | -1.31 |
| Max drawdown (3Y) | -75.6% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | 34.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KD | VXZ |
|---|---|---|
| 2022 | -38.6% | +0.5% |
| 2023 | +86.9% | -44.0% |
| 2024 | +66.5% | -12.7% |
| 2025 | -23.2% | +5.7% |
| 2026 | -50.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KD and VXZ good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KD and VXZ?
As of 2026-08-27, the correlation of weekly returns between KD and VXZ is -0.40 over 3 years, -0.32 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for KD?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KD correlations · VXZ correlations
