LGND vs VXZ: Correlation
Measured on weekly returns over the past three years, Ligand Pharmaceuticals Incorporated (LGND) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LGND and VXZ?
Over the past 3 years, LGND and VXZ moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.37 over 3. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -332.3 %².
Out of 11 assets tracked against LGND, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months LGND outperformed by 94.9 percentage points (+78.8% for LGND 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.
LGND vs VXZ: side by side
| LGND (Ligand Pharmaceuticals Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +78.8% | -16.1% |
| 5-year return | +276.5% | -53.1% |
| Volatility (ann.) | 35.4% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -25.6% | -36.4% |
| Market cap | $5.7B | – |
| P/E (trailing) | 29.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LGND | VXZ |
|---|---|---|
| 2022 | -30.7% | +0.5% |
| 2023 | +6.9% | -44.0% |
| 2024 | +50.0% | -12.7% |
| 2025 | +76.5% | +5.7% |
| 2026 | +50.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LGND and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between LGND and VXZ?
As of 2026-08-27, the correlation of weekly returns between LGND and VXZ is -0.37 over 3 years, -0.27 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for LGND?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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/lgnd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lgnd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LGND correlations · VXZ correlations
