ESTA vs VXZ: Correlation
How closely do Establishment Labs Holdings Inc. (ESTA) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and VXZ?
On 3 years of weekly data the ESTA/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.16 versus -0.28 over 3 years. The 5-year figure is -0.29, and annualized covariance runs at -498.7 %².
Among the 12 assets we track against ESTA, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months ESTA outperformed by 85.3 percentage points (+69.2% for ESTA against -16.1% for VXZ). Risk is not evenly split, since ESTA carries 2.8 times the volatility of the other side.
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.
ESTA vs VXZ: side by side
| ESTA (Establishment Labs Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.2% | -16.1% |
| 5-year return | -0.0% | -53.1% |
| Volatility (ann.) | 70.5% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -64.1% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTA | VXZ |
|---|---|---|
| 2022 | -2.9% | +0.5% |
| 2023 | -60.6% | -44.0% |
| 2024 | +77.9% | -12.7% |
| 2025 | +58.2% | +5.7% |
| 2026 | -1.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESTA and VXZ?
As of 2026-08-27, the correlation of weekly returns between ESTA and VXZ is -0.28 over 3 years, -0.16 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for ESTA?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/esta-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esta-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESTA correlations · VXZ correlations
