ECX vs VXZ: Correlation
Measured on weekly returns over the past three years, ECARX Holdings Inc. - Class A (ECX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECX and VXZ?
On 3 years of weekly data the ECX/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.22). The 5-year figure is -0.16, and annualized covariance runs at -516.1 %².
Out of 12 assets tracked against ECX, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 17.0 percentage points (-33.1% for ECX against -16.1% for VXZ). One caveat on sizing: ECX is 3.6 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.
ECX vs VXZ: side by side
| ECX (ECARX Holdings Inc. - Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.1% | -16.1% |
| 5-year return | -88.9% | -53.1% |
| Volatility (ann.) | 93.0% | 25.6% |
| Beta vs S&P 500 | 1.61 | -1.31 |
| Max drawdown (3Y) | -82.6% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECX | VXZ |
|---|---|---|
| 2022 | -18.1% | +0.5% |
| 2023 | -60.5% | -44.0% |
| 2024 | -33.2% | -12.7% |
| 2025 | -18.5% | +5.7% |
| 2026 | -37.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, ECX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ECX and VXZ?
The ECX/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.39, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ECX?
Yes. With a correlation of -0.22, ECX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/ecx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ECX correlations · VXZ correlations
