EVEX vs VXZ: Correlation
How closely do Eve Holding, Inc. (EVEX) 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 EVEX and VXZ?
Across a 3-year window, the weekly returns of EVEX and VXZ correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.28 over 3 years. Stretching to 5 years gives -0.24, with an annualized covariance of -438.0 %².
VXZ is close to the least connected end of EVEX's tracked universe, ranking #13 of 15. The last year tells two different stories: VXZ led by 24.7 percentage points, -40.8% for EVEX against -16.1% for VXZ. Risk is not evenly split, since EVEX carries 2.4 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.
EVEX vs VXZ: side by side
| EVEX (Eve Holding, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -40.8% | -16.1% |
| 5-year return | -72.4% | -53.1% |
| Volatility (ann.) | 60.7% | 25.6% |
| Beta vs S&P 500 | 1.73 | -1.31 |
| Max drawdown (3Y) | -75.8% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVEX | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +1.7% | -44.0% |
| 2024 | -25.7% | -12.7% |
| 2025 | -26.7% | +5.7% |
| 2026 | -40.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVEX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVEX and VXZ?
The EVEX/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.40, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EVEX?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/evex-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evex-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVEX correlations · VXZ correlations
