INVX vs VXZ: Correlation
Measured on weekly returns over the past three years, Innovex International, Inc. (INVX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INVX and VXZ?
Over the past 3 years, INVX and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.04) than the 3-year average (-0.27). Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -294.2 %².
VXZ is close to the least connected end of INVX's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months INVX outperformed by 95.4 percentage points (+79.3% for INVX against -16.1% for VXZ). Note the risk asymmetry: INVX runs 1.7 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.
INVX vs VXZ: side by side
| INVX (Innovex International, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +79.3% | -16.1% |
| 5-year return | +21.9% | -53.1% |
| Volatility (ann.) | 42.3% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -58.9% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INVX | VXZ |
|---|---|---|
| 2022 | +38.1% | +0.5% |
| 2023 | -14.4% | -44.0% |
| 2024 | -40.0% | -12.7% |
| 2025 | +56.5% | +5.7% |
| 2026 | +36.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INVX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between INVX and VXZ?
The INVX/VXZ correlation stands at -0.27 on a 3-year window (1 year: 0.04, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for INVX?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
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/invx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/invx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INVX correlations · VXZ correlations
