KOD vs VXZ: Correlation
Measured on weekly returns over the past three years, Kodiak Sciences Inc (KOD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KOD and VXZ?
Across a 3-year window, the weekly returns of KOD and VXZ correlate at -0.35, 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 (-0.35). Stretching to 5 years gives -0.31, with an annualized covariance of -1113.8 %².
Among the 12 assets we track against KOD, VXZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: KOD led by 334.9 percentage points, +318.8% for KOD against -16.1% for VXZ. Risk is not evenly split, since KOD carries 4.8 times the volatility of the other side.
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.
KOD vs VXZ: side by side
| KOD (Kodiak Sciences Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +318.8% | -16.1% |
| 5-year return | -59.3% | -53.1% |
| Volatility (ann.) | 123.8% | 25.6% |
| Beta vs S&P 500 | 2.99 | -1.31 |
| Max drawdown (3Y) | -81.1% | -36.4% |
| Market cap | $2.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KOD | VXZ |
|---|---|---|
| 2022 | -91.6% | +0.5% |
| 2023 | -57.5% | -44.0% |
| 2024 | +227.3% | -12.7% |
| 2025 | +181.0% | +5.7% |
| 2026 | +39.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KOD and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between KOD and VXZ?
As of 2026-08-27, the correlation of weekly returns between KOD and VXZ is -0.35 over 3 years, -0.19 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for KOD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
A reading of -0.35 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/kod-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kod-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KOD correlations · VXZ correlations
