HRMY vs VXZ: Correlation
Measured on weekly returns over the past three years, Harmony Biosciences Holdings, Inc. (HRMY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRMY and VXZ?
Across a 3-year window, the weekly returns of HRMY and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.28) than the 3-year average (-0.49). Stretching to 5 years gives -0.38, with an annualized covariance of -615.8 %².
VXZ is close to the least connected end of HRMY's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months HRMY outperformed by 20.9 percentage points (+4.8% for HRMY against -16.1% for VXZ). One caveat on sizing: HRMY is 1.9 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.
HRMY vs VXZ: side by side
| HRMY (Harmony Biosciences Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.8% | -16.1% |
| 5-year return | +7.6% | -53.1% |
| Volatility (ann.) | 49.1% | 25.6% |
| Beta vs S&P 500 | 1.31 | -1.31 |
| Max drawdown (3Y) | -50.8% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRMY | VXZ |
|---|---|---|
| 2022 | +29.2% | +0.5% |
| 2023 | -41.4% | -44.0% |
| 2024 | +6.5% | -12.7% |
| 2025 | +8.7% | +5.7% |
| 2026 | +6.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRMY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, HRMY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HRMY and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.28 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for HRMY?
Yes. With a correlation of -0.49, HRMY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 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/hrmy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hrmy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HRMY correlations · VXZ correlations
