KEEL vs VXZ: Correlation
Measured on weekly returns over the past three years, Keel Infrastructure Corp. (KEEL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEEL and VXZ?
Across a 3-year window, the weekly returns of KEEL and VXZ correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.28, with an annualized covariance of -607.4 %².
Among the 11 assets we track against KEEL, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: KEEL led by 178.0 percentage points, +161.9% for KEEL against -16.1% for VXZ. One caveat on sizing: KEEL is 4.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
KEEL vs VXZ: side by side
| KEEL (Keel Infrastructure Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +161.9% | -16.1% |
| 5-year return | -41.1% | -53.1% |
| Volatility (ann.) | 108.4% | 25.6% |
| Beta vs S&P 500 | 2.18 | -1.31 |
| Max drawdown (3Y) | -81.1% | -36.4% |
| Market cap | $2.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KEEL | VXZ |
|---|---|---|
| 2022 | -91.3% | +0.5% |
| 2023 | +561.4% | -44.0% |
| 2024 | -48.8% | -12.7% |
| 2025 | +57.7% | +5.7% |
| 2026 | +49.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEEL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, KEEL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KEEL and VXZ?
The KEEL/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.19, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KEEL?
Yes. With a correlation of -0.22, KEEL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/keel-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/keel-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KEEL correlations · VXZ correlations
