ESTC vs VXZ: Correlation
Elastic N.V. (ESTC) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and VXZ?
Across a 3-year window, the weekly returns of ESTC and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -456.9 %².
Out of 14 assets tracked against ESTC, VXZ lands near the bottom at #12. The last year tells two different stories: ESTC led by 16.6 percentage points, +0.5% for ESTC against -16.1% for VXZ. One caveat on sizing: ESTC is 2.2 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.
ESTC vs VXZ: side by side
| ESTC (Elastic N.V.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.5% | -16.1% |
| 5-year return | -47.3% | -53.1% |
| Volatility (ann.) | 55.1% | 25.6% |
| Beta vs S&P 500 | 1.44 | -1.31 |
| Max drawdown (3Y) | -67.6% | -36.4% |
| Market cap | $8.7B | – |
| P/E (trailing) | 23.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTC | VXZ |
|---|---|---|
| 2022 | -58.2% | +0.5% |
| 2023 | +118.8% | -44.0% |
| 2024 | -12.1% | -12.7% |
| 2025 | -23.9% | +5.7% |
| 2026 | +11.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESTC and VXZ?
As of 2026-08-27, the correlation of weekly returns between ESTC and VXZ is -0.32 over 3 years, -0.26 over 1 year and -0.38 over 5 years.
Is VXZ a good diversifier for ESTC?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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/estc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/estc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESTC correlations · VXZ correlations
