KWY vs VXZ: Correlation
Kingsway Corporation (KWY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWY and VXZ?
On 3 years of weekly data the KWY/VXZ correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. The 5-year figure is -0.20, and annualized covariance runs at -237.1 %².
Among the 10 assets we track against KWY, VXZ sits near the bottom by co-movement, at rank #8. Over the last 12 months VXZ came out ahead by 13.2 percentage points (-29.3% 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.
KWY vs VXZ: side by side
| KWY (Kingsway Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.3% | -16.1% |
| 5-year return | +80.2% | -53.1% |
| Volatility (ann.) | 37.8% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -48.0% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KWY | VXZ |
|---|---|---|
| 2022 | +44.7% | +0.5% |
| 2023 | +5.9% | -44.0% |
| 2024 | -0.4% | -12.7% |
| 2025 | +60.7% | +5.7% |
| 2026 | -25.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWY 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 KWY and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.33 over the last year and -0.20 over 5 years.
Is VXZ a good diversifier for KWY?
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?
A reading of -0.25 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/kwy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kwy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KWY correlations · VXZ correlations
