AEVA vs VXZ: Correlation
How closely do Aeva Technologies, Inc. (AEVA) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEVA and VXZ?
Over the past 3 years, AEVA and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -826.6 %².
Out of 14 assets tracked against AEVA, VXZ lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months AEVA outperformed by 20.0 percentage points (+3.9% for AEVA against -16.1% for VXZ). One caveat on sizing: AEVA is 5.0 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.
AEVA vs VXZ: side by side
| AEVA (Aeva Technologies, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.9% | -16.1% |
| 5-year return | -66.2% | -53.1% |
| Volatility (ann.) | 127.6% | 25.6% |
| Beta vs S&P 500 | 2.96 | -1.31 |
| Max drawdown (3Y) | -75.7% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEVA | VXZ |
|---|---|---|
| 2022 | -82.0% | +0.5% |
| 2023 | -44.3% | -44.0% |
| 2024 | +25.3% | -12.7% |
| 2025 | +179.6% | +5.7% |
| 2026 | +23.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEVA and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AEVA and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.24 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for AEVA?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
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/aeva-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aeva-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEVA correlations · VXZ correlations
