ELV vs VXZ: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) 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 ELV and VXZ?
On 3 years of weekly data the ELV/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.22). The 5-year figure is -0.23, and annualized covariance runs at -157.9 %².
Within ELV's tracked universe of 27 assets, VXZ comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ELV outperformed by 47.6 percentage points (+31.5% for ELV against -16.1% for VXZ).
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.
ELV vs VXZ: side by side
| ELV (Elevance Health) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.5% | -16.1% |
| 5-year return | +15.7% | -53.1% |
| Volatility (ann.) | 28.0% | 25.6% |
| Beta vs S&P 500 | 0.37 | -1.31 |
| Max drawdown (3Y) | -50.4% | -36.4% |
| Market cap | $86.6B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | VXZ |
|---|---|---|
| 2022 | +11.8% | +0.5% |
| 2023 | -6.9% | -44.0% |
| 2024 | -20.7% | -12.7% |
| 2025 | -3.1% | +5.7% |
| 2026 | +15.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELV and VXZ?
The ELV/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.37, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ELV?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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/elv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELV correlations · VXZ correlations
