EH vs VXZ: Correlation
How closely do EHang Holdings Limited (EH) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EH and VXZ?
Over the past 3 years, EH and VXZ moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.29 over 3. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -541.1 %².
Out of 11 assets tracked against EH, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 54.6 percentage points (-70.7% for EH against -16.1% for VXZ). One caveat on sizing: EH is 2.8 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.
EH vs VXZ: side by side
| EH (EHang Holdings Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -70.7% | -16.1% |
| 5-year return | -81.9% | -53.1% |
| Volatility (ann.) | 72.3% | 25.6% |
| Beta vs S&P 500 | 1.92 | -1.31 |
| Max drawdown (3Y) | -82.4% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EH | VXZ |
|---|---|---|
| 2022 | -42.5% | +0.5% |
| 2023 | +95.8% | -44.0% |
| 2024 | -6.3% | -12.7% |
| 2025 | -16.3% | +5.7% |
| 2026 | -64.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EH and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between EH and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.32 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for EH?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/eh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eh-vs-vxz/)
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Related comparisons
Hubs: EH correlations · VXZ correlations
