AMWL vs VXZ: Correlation
Measured on weekly returns over the past three years, American Well Corporation (AMWL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMWL and VXZ?
On 3 years of weekly data the AMWL/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -445.6 %².
VXZ is close to the least connected end of AMWL's tracked universe, ranking #8 of 10. Correlation aside, the last 12 months split them widely, with AMWL ahead by 85.2 points (+69.1% versus -16.1%). One caveat on sizing: AMWL is 3.1 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.
AMWL vs VXZ: side by side
| AMWL (American Well Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.1% | -16.1% |
| 5-year return | -94.4% | -53.1% |
| Volatility (ann.) | 78.9% | 25.6% |
| Beta vs S&P 500 | 2.13 | -1.31 |
| Max drawdown (3Y) | -88.0% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMWL | VXZ |
|---|---|---|
| 2022 | -53.1% | +0.5% |
| 2023 | -47.3% | -44.0% |
| 2024 | -75.7% | -12.7% |
| 2025 | -32.3% | +5.7% |
| 2026 | +139.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMWL and VXZ good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMWL and VXZ?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.19 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for AMWL?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/amwl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amwl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMWL correlations · VXZ correlations
