HRTX vs VXZ: Correlation
How closely do Heron Therapeutics, Inc. (HRTX) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRTX and VXZ?
Over the past 3 years, HRTX and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -591.1 %².
VXZ is close to the least connected end of HRTX's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 59.5 percentage points (-75.6% for HRTX against -16.1% for VXZ). One caveat on sizing: HRTX is 3.9 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.
HRTX vs VXZ: side by side
| HRTX (Heron Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -75.6% | -16.1% |
| 5-year return | -97.1% | -53.1% |
| Volatility (ann.) | 99.0% | 25.6% |
| Beta vs S&P 500 | 1.84 | -1.31 |
| Max drawdown (3Y) | -92.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRTX | VXZ |
|---|---|---|
| 2022 | -72.6% | +0.5% |
| 2023 | -32.0% | -44.0% |
| 2024 | -10.0% | -12.7% |
| 2025 | -15.0% | +5.7% |
| 2026 | -74.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRTX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between HRTX and VXZ?
The HRTX/VXZ correlation stands at -0.23 on a 3-year window (1 year: -0.32, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HRTX?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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/hrtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hrtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HRTX correlations · VXZ correlations
