ERAS vs VXZ: Correlation
Erasca, Inc. (ERAS) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERAS and VXZ?
Across a 3-year window, the weekly returns of ERAS and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.23, with an annualized covariance of -602.3 %².
VXZ is close to the least connected end of ERAS's tracked universe, ranking #13 of 14. Their recent paths diverged sharply: over the last 12 months ERAS outperformed by 1149.6 percentage points (+1133.5% for ERAS against -16.1% for VXZ). Note the risk asymmetry: ERAS runs 3.9 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.
ERAS vs VXZ: side by side
| ERAS (Erasca, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1133.5% | -16.1% |
| 5-year return | -17.1% | -53.1% |
| Volatility (ann.) | 99.2% | 25.6% |
| Beta vs S&P 500 | 1.88 | -1.31 |
| Max drawdown (3Y) | -67.7% | -36.4% |
| Market cap | $6.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERAS | VXZ |
|---|---|---|
| 2022 | -72.3% | +0.5% |
| 2023 | -50.6% | -44.0% |
| 2024 | +17.8% | -12.7% |
| 2025 | +48.2% | +5.7% |
| 2026 | +423.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERAS and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ERAS and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.07 over the last year and -0.23 over 5 years.
Is VXZ a good diversifier for ERAS?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/eras-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eras-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERAS correlations · VXZ correlations
