JOBY vs VXZ: Correlation
Joby Aviation, Inc. (JOBY) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOBY and VXZ?
Over the past 3 years, JOBY and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.34 over 3. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -619.6 %².
VXZ is close to the least connected end of JOBY's tracked universe, ranking #24 of 26. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 34.3 percentage points (-50.4% for JOBY against -16.1% for VXZ). One caveat on sizing: JOBY is 2.7 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.
JOBY vs VXZ: side by side
| JOBY (Joby Aviation, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -50.4% | -16.1% |
| 5-year return | -43.1% | -53.1% |
| Volatility (ann.) | 70.2% | 25.6% |
| Beta vs S&P 500 | 2.37 | -1.31 |
| Max drawdown (3Y) | -67.4% | -36.4% |
| Market cap | $7.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOBY | VXZ |
|---|---|---|
| 2022 | -54.1% | +0.5% |
| 2023 | +98.5% | -44.0% |
| 2024 | +22.3% | -12.7% |
| 2025 | +62.4% | +5.7% |
| 2026 | -45.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOBY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.34, JOBY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JOBY and VXZ?
As of 2026-08-27, the correlation of weekly returns between JOBY and VXZ is -0.34 over 3 years, -0.37 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for JOBY?
Yes. With a correlation of -0.34, JOBY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/joby-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/joby-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JOBY correlations · VXZ correlations
