EU vs VXZ: Correlation
Measured on weekly returns over the past three years, enCore Energy Corp. (EU) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EU and VXZ?
On 3 years of weekly data the EU/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.31 over 3. The 5-year figure is -0.31, and annualized covariance runs at -538.6 %².
Among the 12 assets we track against EU, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with VXZ ahead by 22.9 points (-39.0% versus -16.1%). Note the risk asymmetry: EU runs 2.6 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.
EU vs VXZ: side by side
| EU (enCore Energy Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.0% | -16.1% |
| 5-year return | -60.1% | -53.1% |
| Volatility (ann.) | 67.3% | 25.6% |
| Beta vs S&P 500 | 1.98 | -1.31 |
| Max drawdown (3Y) | -78.7% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EU | VXZ |
|---|---|---|
| 2022 | -39.0% | +0.5% |
| 2023 | +66.5% | -44.0% |
| 2024 | -13.2% | -12.7% |
| 2025 | -27.3% | +5.7% |
| 2026 | -44.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EU and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between EU and VXZ?
As of 2026-08-27, the correlation of weekly returns between EU and VXZ is -0.31 over 3 years, -0.35 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for EU?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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/eu-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eu-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EU correlations · VXZ correlations
