INNV vs VXZ: Correlation
How closely do InnovAge Holding Corp. (INNV) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INNV and VXZ?
Across a 3-year window, the weekly returns of INNV and VXZ correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.19, with an annualized covariance of -363.6 %².
VXZ is close to the least connected end of INNV's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months INNV outperformed by 194.6 percentage points (+178.5% for INNV against -16.1% for VXZ). One caveat on sizing: INNV is 2.4 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.
INNV vs VXZ: side by side
| INNV (InnovAge Holding Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +178.5% | -16.1% |
| 5-year return | -27.1% | -53.1% |
| Volatility (ann.) | 61.2% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -65.4% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INNV | VXZ |
|---|---|---|
| 2022 | +43.6% | +0.5% |
| 2023 | -16.4% | -44.0% |
| 2024 | -34.5% | -12.7% |
| 2025 | +32.1% | +5.7% |
| 2026 | +112.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INNV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between INNV and VXZ?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.19 over the last year and -0.19 over 5 years.
Is VXZ a good diversifier for INNV?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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/innv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/innv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INNV correlations · VXZ correlations
