KEY vs VXZ: Correlation
Measured on weekly returns over the past three years, KeyCorp (KEY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.65, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEY and VXZ?
Across a 3-year window, the weekly returns of KEY and VXZ correlate at -0.65, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.49) than the 3-year average (-0.65). Stretching to 5 years gives -0.58, with an annualized covariance of -531.5 %².
Among the 59 assets we track against KEY, VXZ sits near the bottom by co-movement, at rank #59. Correlation aside, the last 12 months split them widely, with KEY ahead by 34.5 points (+18.4% versus -16.1%).
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.
KEY vs VXZ: side by side
| KEY (KeyCorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.4% | -16.1% |
| 5-year return | +38.0% | -53.1% |
| Volatility (ann.) | 32.1% | 25.6% |
| Beta vs S&P 500 | 1.25 | -1.31 |
| Max drawdown (3Y) | -32.2% | -36.4% |
| Market cap | $23.5B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 3.71% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | KEY | VXZ |
|---|---|---|
| 2022 | -21.7% | +0.5% |
| 2023 | -11.5% | -44.0% |
| 2024 | +25.3% | -12.7% |
| 2025 | +26.2% | +5.7% |
| 2026 | +8.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.65, KEY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KEY and VXZ?
The KEY/VXZ correlation stands at -0.65 on a 3-year window (1 year: -0.49, 5 years: -0.58), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KEY?
Yes. With a correlation of -0.65, KEY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.65 mean?
A reading of -0.65 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/key-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/key-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KEY correlations · VXZ correlations
