ANIK vs VXZ: Correlation
Measured on weekly returns over the past three years, Anika Therapeutics Inc. (ANIK) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANIK and VXZ?
Across a 3-year window, the weekly returns of ANIK and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.26 over 3 years. Stretching to 5 years gives -0.28, with an annualized covariance of -308.7 %².
Out of 11 assets tracked against ANIK, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months ANIK outperformed by 143.1 percentage points (+127.0% for ANIK against -16.1% for VXZ). One caveat on sizing: ANIK is 1.8 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.
ANIK vs VXZ: side by side
| ANIK (Anika Therapeutics Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +127.0% | -16.1% |
| 5-year return | -51.5% | -53.1% |
| Volatility (ann.) | 46.8% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -71.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ANIK | VXZ |
|---|---|---|
| 2022 | -17.4% | +0.5% |
| 2023 | -23.4% | -44.0% |
| 2024 | -27.4% | -12.7% |
| 2025 | -41.6% | +5.7% |
| 2026 | +116.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANIK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, ANIK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ANIK and VXZ?
As of 2026-08-27, the correlation of weekly returns between ANIK and VXZ is -0.26 over 3 years, -0.04 over 1 year and -0.28 over 5 years.
Is VXZ a good diversifier for ANIK?
Yes. With a correlation of -0.26, ANIK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/anik-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/anik-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ANIK correlations · VXZ correlations
