ALVO vs VXZ: Correlation
Measured on weekly returns over the past three years, Alvotech (ALVO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and VXZ?
Over the past 3 years, ALVO and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.24 over 3. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -320.7 %².
Out of 12 assets tracked against ALVO, VXZ lands near the bottom at #10. The last year tells two different stories: VXZ led by 23.1 percentage points, -39.2% for ALVO against -16.1% for VXZ. One caveat on sizing: ALVO is 2.1 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.
ALVO vs VXZ: side by side
| ALVO (Alvotech) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.2% | -16.1% |
| 5-year return | -56.4% | -53.1% |
| Volatility (ann.) | 52.8% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -82.6% | -36.4% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALVO | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +14.8% | -44.0% |
| 2024 | +15.2% | -12.7% |
| 2025 | -61.2% | +5.7% |
| 2026 | -4.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALVO and VXZ?
As of 2026-08-27, the correlation of weekly returns between ALVO and VXZ is -0.24 over 3 years, -0.28 over 1 year and -0.17 over 5 years.
Is VXZ a good diversifier for ALVO?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/alvo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alvo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALVO correlations · VXZ correlations
