ELVN vs VXZ: Correlation
How closely do Enliven Therapeutics, Inc. (ELVN) 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 -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELVN and VXZ?
On 3 years of weekly data the ELVN/VXZ correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.01) runs above the 3-year figure (-0.19). The 5-year figure is -0.13, and annualized covariance runs at -417.6 %².
Out of 11 assets tracked against ELVN, VXZ lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months ELVN outperformed by 208.7 percentage points (+192.6% for ELVN against -16.1% for VXZ). Note the risk asymmetry: ELVN runs 3.3 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.
ELVN vs VXZ: side by side
| ELVN (Enliven Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +192.6% | -16.1% |
| 5-year return | +225.3% | -53.1% |
| Volatility (ann.) | 84.7% | 25.6% |
| Beta vs S&P 500 | 1.32 | -1.31 |
| Max drawdown (3Y) | -49.5% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELVN | VXZ |
|---|---|---|
| 2022 | +81.8% | +0.5% |
| 2023 | -15.4% | -44.0% |
| 2024 | +62.6% | -12.7% |
| 2025 | -31.6% | +5.7% |
| 2026 | +292.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELVN and VXZ good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELVN and VXZ?
As of 2026-08-27, the correlation of weekly returns between ELVN and VXZ is -0.19 over 3 years, -0.01 over 1 year and -0.13 over 5 years.
Is VXZ a good diversifier for ELVN?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 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/elvn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elvn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELVN correlations · VXZ correlations
