ENVX vs VXZ: Correlation
Measured on weekly returns over the past three years, Enovix Corporation (ENVX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and VXZ?
On 3 years of weekly data the ENVX/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -832.7 %².
Among the 22 assets we track against ENVX, VXZ sits near the bottom by co-movement, at rank #20. Correlation aside, the last 12 months split them widely, with VXZ ahead by 49.8 points (-65.9% versus -16.1%). Note the risk asymmetry: ENVX runs 3.4 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.
ENVX vs VXZ: side by side
| ENVX (Enovix Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -65.9% | -16.1% |
| 5-year return | -76.8% | -53.1% |
| Volatility (ann.) | 88.0% | 25.6% |
| Beta vs S&P 500 | 2.61 | -1.31 |
| Max drawdown (3Y) | -82.9% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVX | VXZ |
|---|---|---|
| 2022 | -54.4% | +0.5% |
| 2023 | +0.6% | -44.0% |
| 2024 | -13.2% | -12.7% |
| 2025 | -32.8% | +5.7% |
| 2026 | -50.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between ENVX and VXZ?
As of 2026-08-27, the correlation of weekly returns between ENVX and VXZ is -0.37 over 3 years, -0.27 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for ENVX?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/envx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/envx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENVX correlations · VXZ correlations
