INMD vs VXZ: Correlation
How closely do InMode Ltd. (INMD) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INMD and VXZ?
Across a 3-year window, the weekly returns of INMD and VXZ correlate at -0.46, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.46 over 3 years. Stretching to 5 years gives -0.45, with an annualized covariance of -458.1 %².
Out of 14 assets tracked against INMD, VXZ lands near the bottom at #14. The trailing year gives INMD the advantage: -2.3% versus -16.1%, a 13.8-point spread. Note the risk asymmetry: INMD runs 1.5 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.
INMD vs VXZ: side by side
| INMD (InMode Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.3% | -16.1% |
| 5-year return | -77.7% | -53.1% |
| Volatility (ann.) | 38.9% | 25.6% |
| Beta vs S&P 500 | 1.09 | -1.31 |
| Max drawdown (3Y) | -68.2% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INMD | VXZ |
|---|---|---|
| 2022 | -49.4% | +0.5% |
| 2023 | -37.7% | -44.0% |
| 2024 | -24.9% | -12.7% |
| 2025 | -12.0% | +5.7% |
| 2026 | +1.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INMD and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between INMD and VXZ?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.19 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for INMD?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 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/inmd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/inmd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INMD correlations · VXZ correlations
