ETON vs VXZ: Correlation
Eton Pharmaceuticals, Inc. (ETON) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETON and VXZ?
Over the past 3 years, ETON and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.27). Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -403.5 %².
Out of 10 assets tracked against ETON, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with ETON ahead by 278.8 points (+262.7% versus -16.1%). Risk is not evenly split, since ETON carries 2.3 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.
ETON vs VXZ: side by side
| ETON (Eton Pharmaceuticals, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +262.7% | -16.1% |
| 5-year return | +1112.2% | -53.1% |
| Volatility (ann.) | 58.4% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -45.6% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | 160.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETON | VXZ |
|---|---|---|
| 2022 | -34.3% | +0.5% |
| 2023 | +55.3% | -44.0% |
| 2024 | +204.1% | -12.7% |
| 2025 | +27.0% | +5.7% |
| 2026 | +270.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETON and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETON and VXZ?
As of 2026-08-27, the correlation of weekly returns between ETON and VXZ is -0.27 over 3 years, -0.04 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for ETON?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/eton-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eton-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETON correlations · VXZ correlations
