LILAK vs VXZ: Correlation
Measured on weekly returns over the past three years, Liberty Latin America Ltd. (LILAK) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LILAK and VXZ?
Over the past 3 years, LILAK and VXZ moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -267.2 %².
VXZ is close to the least connected end of LILAK's tracked universe, ranking #11 of 13. The last year tells two different stories: LILAK led by 64.2 percentage points, +48.1% for LILAK against -16.1% for VXZ. One caveat on sizing: LILAK is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
LILAK vs VXZ: side by side
| LILAK (Liberty Latin America Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +48.1% | -16.1% |
| 5-year return | -15.2% | -53.1% |
| Volatility (ann.) | 49.7% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -57.2% | -36.4% |
| Market cap | $1.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LILAK | VXZ |
|---|---|---|
| 2022 | -33.3% | +0.5% |
| 2023 | -3.4% | -44.0% |
| 2024 | -13.6% | -12.7% |
| 2025 | +17.7% | +5.7% |
| 2026 | +63.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LILAK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.21, LILAK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LILAK and VXZ?
The LILAK/VXZ correlation stands at -0.21 on a 3-year window (1 year: -0.19, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for LILAK?
Yes. With a correlation of -0.21, LILAK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/lilak-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lilak-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LILAK correlations · VXZ correlations
