IMTX vs VXZ: Correlation
Measured on weekly returns over the past three years, Immatics N.V. (IMTX) 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 IMTX and VXZ?
Across a 3-year window, the weekly returns of IMTX and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.29). Stretching to 5 years gives -0.22, with an annualized covariance of -433.7 %².
Out of 12 assets tracked against IMTX, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months IMTX outperformed by 89.4 percentage points (+73.3% for IMTX against -16.1% for VXZ). Risk is not evenly split, since IMTX carries 2.3 times the volatility of the other side.
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.
IMTX vs VXZ: side by side
| IMTX (Immatics N.V.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +73.3% | -16.1% |
| 5-year return | -25.9% | -53.1% |
| Volatility (ann.) | 57.9% | 25.6% |
| Beta vs S&P 500 | 1.62 | -1.31 |
| Max drawdown (3Y) | -74.1% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IMTX | VXZ |
|---|---|---|
| 2022 | -35.2% | +0.5% |
| 2023 | +20.9% | -44.0% |
| 2024 | -32.5% | -12.7% |
| 2025 | +47.7% | +5.7% |
| 2026 | -10.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMTX and VXZ good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IMTX and VXZ?
The IMTX/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.09, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for IMTX?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
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/imtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/imtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IMTX correlations · VXZ correlations
