KSPI vs VXZ: Correlation
How closely do Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and VXZ?
Across a 3-year window, the weekly returns of KSPI and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -316.4 %².
VXZ is close to the least connected end of KSPI's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months KSPI outperformed by 34.7 percentage points (+18.6% for KSPI against -16.1% for VXZ). Risk is not evenly split, since KSPI carries 1.5 times the volatility of the other side.
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.
KSPI vs VXZ: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.6% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 39.5% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -48.9% | -36.4% |
| Market cap | $20.0B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KSPI | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | – | -12.7% |
| 2025 | -17.5% | +5.7% |
| 2026 | +40.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KSPI and VXZ?
The KSPI/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.39, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KSPI?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/kspi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kspi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KSPI correlations · VXZ correlations
