DOCS vs VXZ: Correlation
Doximity, Inc. (DOCS) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCS and VXZ?
Across a 3-year window, the weekly returns of DOCS and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -484.7 %².
Out of 15 assets tracked against DOCS, VXZ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with VXZ ahead by 46.3 points (-62.4% versus -16.1%). Note the risk asymmetry: DOCS runs 2.3 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.
DOCS vs VXZ: side by side
| DOCS (Doximity, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -62.4% | -16.1% |
| 5-year return | -69.1% | -53.1% |
| Volatility (ann.) | 59.8% | 25.6% |
| Beta vs S&P 500 | 1.53 | -1.31 |
| Max drawdown (3Y) | -78.3% | -36.4% |
| Market cap | $4.6B | – |
| P/E (trailing) | 29.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCS | VXZ |
|---|---|---|
| 2022 | -33.1% | +0.5% |
| 2023 | -16.4% | -44.0% |
| 2024 | +90.4% | -12.7% |
| 2025 | -17.1% | +5.7% |
| 2026 | -42.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, DOCS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DOCS and VXZ?
As of 2026-08-27, the correlation of weekly returns between DOCS and VXZ is -0.32 over 3 years, -0.23 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for DOCS?
Yes. With a correlation of -0.32, DOCS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/docs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/docs-vs-vxz/)
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Related comparisons
Hubs: DOCS correlations · VXZ correlations
