VXZ vs XFLT: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and XAI Floating Rate & Alternative Income Trust (XFLT) 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 VXZ and XFLT?
On 3 years of weekly data the VXZ/XFLT correlation comes out 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. The 5-year figure is -0.35, and annualized covariance runs at -146.5 %².
Among the 2840 assets we track against VXZ, XFLT ranks #1188 by 3-year correlation. Their 12-month results are close: -16.1% for VXZ against -16.5% for XFLT.
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.
VXZ vs XFLT: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XFLT (XAI Floating Rate & Alternative Income Trust) | |
|---|---|---|
| 1-year return | -16.1% | -16.5% |
| 5-year return | -53.1% | -11.0% |
| Volatility (ann.) | 25.6% | 17.7% |
| Beta vs S&P 500 | -1.31 | 0.36 |
| Max drawdown (3Y) | -36.4% | -47.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XFLT |
|---|---|---|
| 2022 | +0.5% | -20.3% |
| 2023 | -44.0% | +30.4% |
| 2024 | -12.7% | +7.4% |
| 2025 | +5.7% | -15.3% |
| 2026 | -10.5% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XFLT good diversifiers for each other?
Yes. With a correlation of -0.32, VXZ and XFLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XFLT?
The VXZ/XFLT correlation stands at -0.32 on a 3-year window (1 year: -0.39, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is XFLT a good diversifier for VXZ?
Yes. With a correlation of -0.32, VXZ and XFLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/vxz-vs-xflt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-xflt/)
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Related comparisons
Hubs: VXZ correlations · XFLT correlations
