KMDA vs VXZ: Correlation
How closely do Kamada Ltd. (KMDA) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KMDA and VXZ?
Over the past 3 years, KMDA and VXZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.31). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -293.8 %².
VXZ is close to the least connected end of KMDA's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months KMDA outperformed by 35.5 percentage points (+19.4% for KMDA against -16.1% for VXZ).
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.
KMDA vs VXZ: side by side
| KMDA (Kamada Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.4% | -16.1% |
| 5-year return | +62.4% | -53.1% |
| Volatility (ann.) | 36.7% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -28.9% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 22.3 | – |
| Dividend yield | 3.05% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KMDA | VXZ |
|---|---|---|
| 2022 | -39.1% | +0.5% |
| 2023 | +52.6% | -44.0% |
| 2024 | -0.5% | -12.7% |
| 2025 | +19.2% | +5.7% |
| 2026 | +20.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KMDA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, KMDA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KMDA and VXZ?
As of 2026-08-27, the correlation of weekly returns between KMDA and VXZ is -0.31 over 3 years, -0.19 over 1 year and -0.27 over 5 years.
Is VXZ a good diversifier for KMDA?
Yes. With a correlation of -0.31, KMDA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/kmda-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kmda-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KMDA correlations · VXZ correlations
