ELF vs VXZ: Correlation
How closely do e.l.f. Beauty, Inc. (ELF) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELF and VXZ?
Over the past 3 years, ELF and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.32). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -551.9 %².
Among the 14 assets we track against ELF, VXZ sits near the bottom by co-movement, at rank #12. Neither side won the trailing year by much: -15.0% against -16.1%. Note the risk asymmetry: ELF runs 2.6 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.
ELF vs VXZ: side by side
| ELF (e.l.f. Beauty, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.0% | -16.1% |
| 5-year return | +244.4% | -53.1% |
| Volatility (ann.) | 67.7% | 25.6% |
| Beta vs S&P 500 | 2.00 | -1.31 |
| Max drawdown (3Y) | -77.3% | -36.4% |
| Market cap | $6.3B | – |
| P/E (trailing) | 108.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELF | VXZ |
|---|---|---|
| 2022 | +66.5% | +0.5% |
| 2023 | +161.0% | -44.0% |
| 2024 | -13.0% | -12.7% |
| 2025 | -39.4% | +5.7% |
| 2026 | +39.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELF and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELF and VXZ?
The ELF/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.43, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ELF?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELF correlations · VXZ correlations
