KWEB vs VXZ: Correlation
How closely do KraneShares CSI China Internet ETF (KWEB) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWEB and VXZ?
On 3 years of weekly data the KWEB/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.28). The 5-year figure is -0.36, and annualized covariance runs at -245.1 %².
Among the 40 assets we track against KWEB, VXZ sits near the bottom by co-movement, at rank #38. Over the last 12 months VXZ came out ahead by 10.0 percentage points (-26.1% against -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.
KWEB vs VXZ: side by side
| KWEB (KraneShares CSI China Internet ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.1% | -16.1% |
| 5-year return | -36.2% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -41.6% | -36.4% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | KWEB | VXZ |
|---|---|---|
| 2022 | -17.2% | +0.5% |
| 2023 | -9.1% | -44.0% |
| 2024 | +12.0% | -12.7% |
| 2025 | +23.5% | +5.7% |
| 2026 | -23.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWEB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, KWEB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KWEB and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.42 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for KWEB?
Yes. With a correlation of -0.28, KWEB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/kweb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kweb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KWEB correlations · VXZ correlations
