EBS vs VXZ: Correlation
How closely do Emergent BioSolutions Inc. (EBS) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBS and VXZ?
On 3 years of weekly data the EBS/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.36 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -1122.9 %².
VXZ is close to the least connected end of EBS's tracked universe, ranking #15 of 15. Over the last 12 months VXZ came out ahead by 14.7 percentage points (-30.8% against -16.1%). One caveat on sizing: EBS is 4.8 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.
EBS vs VXZ: side by side
| EBS (Emergent BioSolutions Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.8% | -16.1% |
| 5-year return | -90.7% | -53.1% |
| Volatility (ann.) | 122.0% | 25.6% |
| Beta vs S&P 500 | 2.69 | -1.31 |
| Max drawdown (3Y) | -71.2% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBS | VXZ |
|---|---|---|
| 2022 | -72.8% | +0.5% |
| 2023 | -79.7% | -44.0% |
| 2024 | +298.3% | -12.7% |
| 2025 | +29.3% | +5.7% |
| 2026 | -51.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between EBS and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.25 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for EBS?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 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/ebs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ebs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EBS correlations · VXZ correlations
