CEVA vs VXZ: Correlation
CEVA, Inc. (CEVA) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEVA and VXZ?
Over the past 3 years, CEVA and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.45). Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -666.0 %².
Out of 12 assets tracked against CEVA, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CEVA ahead by 41.9 points (+25.8% versus -16.1%). Risk is not evenly split, since CEVA carries 2.2 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.
CEVA vs VXZ: side by side
| CEVA (CEVA, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.8% | -16.1% |
| 5-year return | -40.9% | -53.1% |
| Volatility (ann.) | 57.4% | 25.6% |
| Beta vs S&P 500 | 2.37 | -1.31 |
| Max drawdown (3Y) | -55.2% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEVA | VXZ |
|---|---|---|
| 2022 | -40.8% | +0.5% |
| 2023 | -11.2% | -44.0% |
| 2024 | +38.9% | -12.7% |
| 2025 | -31.8% | +5.7% |
| 2026 | +32.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEVA and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CEVA and VXZ?
As of 2026-08-27, the correlation of weekly returns between CEVA and VXZ is -0.45 over 3 years, -0.30 over 1 year and -0.45 over 5 years.
Is VXZ a good diversifier for CEVA?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/ceva-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceva-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEVA correlations · VXZ correlations
