ATEC vs VXZ: Correlation
How closely do Alphatec Holdings, Inc. (ATEC) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATEC and VXZ?
Over the past 3 years, ATEC and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -418.6 %².
VXZ is close to the least connected end of ATEC's tracked universe, ranking #10 of 11. The last year tells two different stories: VXZ led by 24.8 percentage points, -40.9% for ATEC against -16.1% for VXZ. Note the risk asymmetry: ATEC runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ATEC vs VXZ: side by side
| ATEC (Alphatec Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -40.9% | -16.1% |
| 5-year return | -29.0% | -53.1% |
| Volatility (ann.) | 71.5% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -70.3% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATEC | VXZ |
|---|---|---|
| 2022 | +8.0% | +0.5% |
| 2023 | +22.3% | -44.0% |
| 2024 | -39.2% | -12.7% |
| 2025 | +129.2% | +5.7% |
| 2026 | -54.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATEC and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ATEC and VXZ?
As of 2026-08-27, the correlation of weekly returns between ATEC and VXZ is -0.23 over 3 years, -0.21 over 1 year and -0.26 over 5 years.
Is VXZ a good diversifier for ATEC?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/atec-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/atec-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ATEC correlations · VXZ correlations
