VOYA vs VXZ: Correlation
How closely do Voya Financial, Inc. (VOYA) 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 -0.54, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VOYA and VXZ?
Across a 3-year window, the weekly returns of VOYA and VXZ correlate at -0.54, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.33 versus -0.54 over 3 years. Stretching to 5 years gives -0.55, with an annualized covariance of -344.6 %².
VXZ is close to the least connected end of VOYA's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months VOYA outperformed by 52.8 percentage points (+36.7% for VOYA against -16.1% for VXZ).
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.
VOYA vs VXZ: side by side
| VOYA (Voya Financial, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.7% | -16.1% |
| 5-year return | +72.0% | -53.1% |
| Volatility (ann.) | 25.1% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -34.6% | -36.4% |
| Market cap | $9.2B | – |
| P/E (trailing) | 17.1 | – |
| Dividend yield | 1.83% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VOYA | VXZ |
|---|---|---|
| 2022 | -6.1% | +0.5% |
| 2023 | +20.7% | -44.0% |
| 2024 | -3.4% | -12.7% |
| 2025 | +11.1% | +5.7% |
| 2026 | +38.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOYA and VXZ good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VOYA and VXZ?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.33 over the last year and -0.55 over 5 years.
Is VXZ a good diversifier for VOYA?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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/voya-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/voya-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VOYA correlations · VXZ correlations
