KALA vs VXZ: Correlation
KALA BIO, Inc. (KALA) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALA and VXZ?
Over the past 3 years, KALA and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -721.5 %².
VXZ is close to the least connected end of KALA's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 83.7 percentage points (-99.8% for KALA against -16.1% for VXZ). Note the risk asymmetry: KALA runs 4.7 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.
KALA vs VXZ: side by side
| KALA (KALA BIO, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -99.8% | -16.1% |
| 5-year return | -100.0% | -53.1% |
| Volatility (ann.) | 119.6% | 25.6% |
| Beta vs S&P 500 | 1.73 | -1.31 |
| Max drawdown (3Y) | -99.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KALA | VXZ |
|---|---|---|
| 2022 | -36.9% | +0.5% |
| 2023 | -81.7% | -44.0% |
| 2024 | -0.9% | -12.7% |
| 2025 | -92.0% | +5.7% |
| 2026 | -97.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between KALA and VXZ?
The KALA/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.34, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for KALA?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/kala-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kala-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KALA correlations · VXZ correlations
