INVZ vs VXZ: Correlation
How closely do Innoviz Technologies Ltd. (INVZ) 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 -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INVZ and VXZ?
Across a 3-year window, the weekly returns of INVZ and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.37 over 3. Stretching to 5 years gives -0.33, with an annualized covariance of -990.5 %².
Among the 10 assets we track against INVZ, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with VXZ ahead by 62.9 points (-79.0% versus -16.1%). Note the risk asymmetry: INVZ runs 4.0 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.
INVZ vs VXZ: side by side
| INVZ (Innoviz Technologies Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -79.0% | -16.1% |
| 5-year return | -95.3% | -53.1% |
| Volatility (ann.) | 103.4% | 25.6% |
| Beta vs S&P 500 | 2.69 | -1.31 |
| Max drawdown (3Y) | -88.5% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INVZ | VXZ |
|---|---|---|
| 2022 | -38.0% | +0.5% |
| 2023 | -35.6% | -44.0% |
| 2024 | -33.6% | -12.7% |
| 2025 | -49.2% | +5.7% |
| 2026 | -58.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INVZ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, INVZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INVZ and VXZ?
As of 2026-08-27, the correlation of weekly returns between INVZ and VXZ is -0.37 over 3 years, -0.29 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for INVZ?
Yes. With a correlation of -0.37, INVZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/invz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/invz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INVZ correlations · VXZ correlations
