ENOV vs VXZ: Correlation
Enovis Corporation (ENOV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENOV and VXZ?
Across a 3-year window, the weekly returns of ENOV and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.39 over 3 years. Stretching to 5 years gives -0.47, with an annualized covariance of -408.6 %².
Out of 14 assets tracked against ENOV, VXZ lands near the bottom at #13. Twelve-month performance is nearly a tie, at -20.0% for ENOV and -16.1% for VXZ. One caveat on sizing: ENOV is 1.6 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.
ENOV vs VXZ: side by side
| ENOV (Enovis Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -20.0% | -16.1% |
| 5-year return | -70.1% | -53.1% |
| Volatility (ann.) | 41.2% | 25.6% |
| Beta vs S&P 500 | 1.30 | -1.31 |
| Max drawdown (3Y) | -68.6% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENOV | VXZ |
|---|---|---|
| 2022 | -32.4% | +0.5% |
| 2023 | +4.7% | -44.0% |
| 2024 | -21.7% | -12.7% |
| 2025 | -39.3% | +5.7% |
| 2026 | -6.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENOV and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ENOV and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.19 over the last year and -0.47 over 5 years.
Is VXZ a good diversifier for ENOV?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 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/enov-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/enov-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENOV correlations · VXZ correlations
