ARAY vs VXZ: Correlation
Measured on weekly returns over the past three years, Accuray Incorporated (ARAY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARAY and VXZ?
On 3 years of weekly data the ARAY/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.34). The 5-year figure is -0.33, and annualized covariance runs at -641.9 %².
Among the 10 assets we track against ARAY, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: VXZ led by 67.2 percentage points, -83.3% for ARAY against -16.1% for VXZ. Risk is not evenly split, since ARAY carries 2.9 times the volatility of the other side.
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.
ARAY vs VXZ: side by side
| ARAY (Accuray Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -83.3% | -16.1% |
| 5-year return | -93.4% | -53.1% |
| Volatility (ann.) | 73.2% | 25.6% |
| Beta vs S&P 500 | 1.77 | -1.31 |
| Max drawdown (3Y) | -92.5% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARAY | VXZ |
|---|---|---|
| 2022 | -56.2% | +0.5% |
| 2023 | +35.4% | -44.0% |
| 2024 | -30.0% | -12.7% |
| 2025 | -58.6% | +5.7% |
| 2026 | -68.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARAY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between ARAY and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.20 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for ARAY?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/aray-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aray-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARAY correlations · VXZ correlations
