EWTX vs VXZ: Correlation
Measured on weekly returns over the past three years, Edgewise Therapeutics, Inc. (EWTX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWTX and VXZ?
Across a 3-year window, the weekly returns of EWTX and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.12 versus -0.32 over 3 years. Stretching to 5 years gives -0.31, with an annualized covariance of -645.3 %².
VXZ is close to the least connected end of EWTX's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months EWTX outperformed by 221.9 percentage points (+205.8% for EWTX against -16.1% for VXZ). Note the risk asymmetry: EWTX runs 3.0 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.
EWTX vs VXZ: side by side
| EWTX (Edgewise Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +205.8% | -16.1% |
| 5-year return | +194.6% | -53.1% |
| Volatility (ann.) | 77.7% | 25.6% |
| Beta vs S&P 500 | 2.04 | -1.31 |
| Max drawdown (3Y) | -68.8% | -36.4% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EWTX | VXZ |
|---|---|---|
| 2022 | -41.5% | +0.5% |
| 2023 | +22.4% | -44.0% |
| 2024 | +144.1% | -12.7% |
| 2025 | -7.1% | +5.7% |
| 2026 | +78.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWTX and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EWTX and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.12 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for EWTX?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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/ewtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWTX correlations · VXZ correlations
