KEN vs VXZ: Correlation
How closely do Kenon Holdings Ltd. (KEN) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEN and VXZ?
On 3 years of weekly data the KEN/VXZ correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.25). The 5-year figure is -0.20, and annualized covariance runs at -240.9 %².
VXZ is close to the least connected end of KEN's tracked universe, ranking #11 of 11. The last year tells two different stories: KEN led by 75.1 percentage points, +59.0% for KEN 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.
KEN vs VXZ: side by side
| KEN (Kenon Holdings Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +59.0% | -16.1% |
| 5-year return | +294.3% | -53.1% |
| Volatility (ann.) | 37.7% | 25.6% |
| Beta vs S&P 500 | 0.72 | -1.31 |
| Max drawdown (3Y) | -33.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 43.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KEN | VXZ |
|---|---|---|
| 2022 | -11.7% | +0.5% |
| 2023 | -18.2% | -44.0% |
| 2024 | +67.6% | -12.7% |
| 2025 | +126.2% | +5.7% |
| 2026 | +8.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between KEN and VXZ?
As of 2026-08-27, the correlation of weekly returns between KEN and VXZ is -0.25 over 3 years, -0.10 over 1 year and -0.20 over 5 years.
Is VXZ a good diversifier for KEN?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/ken-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ken-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KEN correlations · VXZ correlations
