AVIR vs VXZ: Correlation
How closely do Atea Pharmaceuticals, Inc. (AVIR) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVIR and VXZ?
Across a 3-year window, the weekly returns of AVIR and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.20, with an annualized covariance of -328.5 %².
Among the 13 assets we track against AVIR, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with AVIR ahead by 67.5 points (+51.4% versus -16.1%). Note the risk asymmetry: AVIR runs 1.9 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.
AVIR vs VXZ: side by side
| AVIR (Atea Pharmaceuticals, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.4% | -16.1% |
| 5-year return | -82.1% | -53.1% |
| Volatility (ann.) | 48.3% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -44.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVIR | VXZ |
|---|---|---|
| 2022 | -46.2% | +0.5% |
| 2023 | -36.6% | -44.0% |
| 2024 | +9.8% | -12.7% |
| 2025 | +6.6% | +5.7% |
| 2026 | +52.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVIR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, AVIR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AVIR and VXZ?
The AVIR/VXZ correlation stands at -0.27 on a 3-year window (1 year: -0.07, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AVIR?
Yes. With a correlation of -0.27, AVIR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/avir-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avir-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVIR correlations · VXZ correlations
