EW vs VXZ: Correlation
How closely do Edwards Lifesciences (EW) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and VXZ?
Over the past 3 years, EW and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -213.4 %².
Among the 30 assets we track against EW, VXZ sits near the bottom by co-movement, at rank #26. The last year tells two different stories: EW led by 27.3 percentage points, +11.2% for EW against -16.1% for VXZ.
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.
EW vs VXZ: side by side
| EW (Edwards Lifesciences) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.2% | -16.1% |
| 5-year return | -23.8% | -53.1% |
| Volatility (ann.) | 31.6% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -37.5% | -36.4% |
| Market cap | $51.8B | – |
| P/E (trailing) | 54.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | EW | VXZ |
|---|---|---|
| 2022 | -42.4% | +0.5% |
| 2023 | +2.2% | -44.0% |
| 2024 | -2.9% | -12.7% |
| 2025 | +15.2% | +5.7% |
| 2026 | +5.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, EW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EW and VXZ?
As of 2026-08-27, the correlation of weekly returns between EW and VXZ is -0.26 over 3 years, -0.24 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for EW?
Yes. With a correlation of -0.26, EW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/ew-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ew-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EW correlations · VXZ correlations
