ICUI vs VXZ: Correlation
Measured on weekly returns over the past three years, ICU Medical, Inc. (ICUI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICUI and VXZ?
Across a 3-year window, the weekly returns of ICUI and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -290.4 %².
Among the 16 assets we track against ICUI, VXZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months ICUI outperformed by 54.4 percentage points (+38.3% for ICUI against -16.1% for VXZ). One caveat on sizing: ICUI is 1.5 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.
ICUI vs VXZ: side by side
| ICUI (ICU Medical, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +38.3% | -16.1% |
| 5-year return | -12.5% | -53.1% |
| Volatility (ann.) | 39.5% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -45.1% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | 150.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICUI | VXZ |
|---|---|---|
| 2022 | -33.6% | +0.5% |
| 2023 | -36.7% | -44.0% |
| 2024 | +55.6% | -12.7% |
| 2025 | -8.1% | +5.7% |
| 2026 | +22.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICUI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, ICUI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICUI and VXZ?
As of 2026-08-27, the correlation of weekly returns between ICUI and VXZ is -0.29 over 3 years, -0.32 over 1 year and -0.28 over 5 years.
Is VXZ a good diversifier for ICUI?
Yes. With a correlation of -0.29, ICUI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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/icui-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icui-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICUI correlations · VXZ correlations
