IMRX vs VXZ: Correlation
How closely do Immuneering Corporation (IMRX) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMRX and VXZ?
On 3 years of weekly data the IMRX/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.27). The 5-year figure is -0.20, and annualized covariance runs at -800.2 %².
Out of 11 assets tracked against IMRX, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with IMRX ahead by 16.5 points (+0.4% versus -16.1%). Note the risk asymmetry: IMRX runs 4.5 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.
IMRX vs VXZ: side by side
| IMRX (Immuneering Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.4% | -16.1% |
| 5-year return | -80.2% | -53.1% |
| Volatility (ann.) | 116.1% | 25.6% |
| Beta vs S&P 500 | 2.14 | -1.31 |
| Max drawdown (3Y) | -88.7% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IMRX | VXZ |
|---|---|---|
| 2022 | -70.0% | +0.5% |
| 2023 | +51.5% | -44.0% |
| 2024 | -70.1% | -12.7% |
| 2025 | +199.1% | +5.7% |
| 2026 | -20.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMRX and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IMRX and VXZ?
The IMRX/VXZ correlation stands at -0.27 on a 3-year window (1 year: -0.12, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IMRX?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/imrx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/imrx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IMRX correlations · VXZ correlations
