AVTR vs VXZ: Correlation
Avantor, Inc. (AVTR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVTR and VXZ?
Over the past 3 years, AVTR and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.25 over 3 years. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -279.7 %².
Out of 14 assets tracked against AVTR, VXZ lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months AVTR outperformed by 26.9 percentage points (+10.8% for AVTR against -16.1% for VXZ). One caveat on sizing: AVTR is 1.7 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.
AVTR vs VXZ: side by side
| AVTR (Avantor, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.8% | -16.1% |
| 5-year return | -63.4% | -53.1% |
| Volatility (ann.) | 44.6% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -73.2% | -36.4% |
| Market cap | $9.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVTR | VXZ |
|---|---|---|
| 2022 | -50.0% | +0.5% |
| 2023 | +8.3% | -44.0% |
| 2024 | -7.7% | -12.7% |
| 2025 | -45.6% | +5.7% |
| 2026 | +27.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVTR and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AVTR and VXZ?
The AVTR/VXZ correlation stands at -0.25 on a 3-year window (1 year: -0.40, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AVTR?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avtr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avtr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVTR correlations · VXZ correlations
