LIVN vs VXZ: Correlation
Measured on weekly returns over the past three years, LivaNova PLC (LIVN) 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 LIVN and VXZ?
Across a 3-year window, the weekly returns of LIVN and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.37 over 3. Stretching to 5 years gives -0.39, with an annualized covariance of -386.6 %².
VXZ is close to the least connected end of LIVN's tracked universe, ranking #15 of 16. The last year tells two different stories: LIVN led by 57.8 percentage points, +41.7% for LIVN against -16.1% for VXZ. Note the risk asymmetry: LIVN runs 1.6 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.
LIVN vs VXZ: side by side
| LIVN (LivaNova PLC) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +41.7% | -16.1% |
| 5-year return | -2.9% | -53.1% |
| Volatility (ann.) | 40.6% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -47.2% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LIVN | VXZ |
|---|---|---|
| 2022 | -36.5% | +0.5% |
| 2023 | -6.8% | -44.0% |
| 2024 | -10.5% | -12.7% |
| 2025 | +32.9% | +5.7% |
| 2026 | +30.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIVN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, LIVN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LIVN and VXZ?
As of 2026-08-27, the correlation of weekly returns between LIVN and VXZ is -0.37 over 3 years, -0.34 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for LIVN?
Yes. With a correlation of -0.37, LIVN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/livn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/livn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LIVN correlations · VXZ correlations
