IMUX vs VXZ: Correlation
Immunic, Inc. (IMUX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMUX and VXZ?
On 3 years of weekly data the IMUX/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.22). The 5-year figure is -0.17, and annualized covariance runs at -427.4 %².
Out of 13 assets tracked against IMUX, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months IMUX outperformed by 106.7 percentage points (+90.6% for IMUX against -16.1% for VXZ). Note the risk asymmetry: IMUX runs 3.0 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.
IMUX vs VXZ: side by side
| IMUX (Immunic, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +90.6% | -16.1% |
| 5-year return | -83.6% | -53.1% |
| Volatility (ann.) | 76.2% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -73.8% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IMUX | VXZ |
|---|---|---|
| 2022 | -85.4% | +0.5% |
| 2023 | +7.1% | -44.0% |
| 2024 | -33.3% | -12.7% |
| 2025 | -46.6% | +5.7% |
| 2026 | +205.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMUX and VXZ good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IMUX and VXZ?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with 0.01 over the last year and -0.17 over 5 years.
Is VXZ a good diversifier for IMUX?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/imux-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/imux-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IMUX correlations · VXZ correlations
