HCAT vs VXZ: Correlation
How closely do Health Catalyst, Inc (HCAT) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCAT and VXZ?
Across a 3-year window, the weekly returns of HCAT and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -533.7 %².
Among the 14 assets we track against HCAT, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: VXZ led by 40.8 percentage points, -56.9% for HCAT against -16.1% for VXZ. Note the risk asymmetry: HCAT runs 2.8 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.
HCAT vs VXZ: side by side
| HCAT (Health Catalyst, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -56.9% | -16.1% |
| 5-year return | -97.0% | -53.1% |
| Volatility (ann.) | 71.7% | 25.6% |
| Beta vs S&P 500 | 1.49 | -1.31 |
| Max drawdown (3Y) | -91.6% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCAT | VXZ |
|---|---|---|
| 2022 | -73.2% | +0.5% |
| 2023 | -12.9% | -44.0% |
| 2024 | -23.7% | -12.7% |
| 2025 | -66.2% | +5.7% |
| 2026 | -33.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCAT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between HCAT and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.20 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for HCAT?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/hcat-vs-vxz.json
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[](https://www.pairbook.io/pair/hcat-vs-vxz/)
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Related comparisons
Hubs: HCAT correlations · VXZ correlations
