EVLV vs VXZ: Correlation
Evolv Technologies Holdings, Inc. (EVLV) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and VXZ?
Over the past 3 years, EVLV and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -694.4 %².
VXZ is close to the least connected end of EVLV's tracked universe, ranking #12 of 12. The last year tells two different stories: VXZ led by 20.4 percentage points, -36.5% for EVLV against -16.1% for VXZ. One caveat on sizing: EVLV is 3.1 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.
EVLV vs VXZ: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -36.5% | -16.1% |
| 5-year return | -34.1% | -53.1% |
| Volatility (ann.) | 78.6% | 25.6% |
| Beta vs S&P 500 | 2.05 | -1.31 |
| Max drawdown (3Y) | -69.2% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVLV | VXZ |
|---|---|---|
| 2022 | -41.9% | +0.5% |
| 2023 | +82.2% | -44.0% |
| 2024 | -16.3% | -12.7% |
| 2025 | +81.3% | +5.7% |
| 2026 | -25.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVLV and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.29 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for EVLV?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/evlv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evlv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVLV correlations · VXZ correlations
