ELAN vs VXZ: Correlation
Measured on weekly returns over the past three years, Elanco Animal Health Incorporated (ELAN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and VXZ?
Over the past 3 years, ELAN and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.40). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -459.0 %².
VXZ is close to the least connected end of ELAN's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months ELAN outperformed by 48.5 percentage points (+32.4% for ELAN against -16.1% for VXZ). Note the risk asymmetry: ELAN runs 1.7 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.
ELAN vs VXZ: side by side
| ELAN (Elanco Animal Health Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.4% | -16.1% |
| 5-year return | -26.8% | -53.1% |
| Volatility (ann.) | 44.8% | 25.6% |
| Beta vs S&P 500 | 1.18 | -1.31 |
| Max drawdown (3Y) | -56.1% | -36.4% |
| Market cap | $12.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELAN | VXZ |
|---|---|---|
| 2022 | -56.9% | +0.5% |
| 2023 | +21.9% | -44.0% |
| 2024 | -18.7% | -12.7% |
| 2025 | +86.9% | +5.7% |
| 2026 | +8.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, ELAN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELAN and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.27 over the last year and -0.42 over 5 years.
Is VXZ a good diversifier for ELAN?
Yes. With a correlation of -0.40, ELAN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/elan-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elan-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELAN correlations · VXZ correlations
