LLY vs VXZ: Correlation
How closely do Lilly (Eli) (LLY) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LLY and VXZ?
Across a 3-year window, the weekly returns of LLY and VXZ correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.22, with an annualized covariance of -236.4 %².
Out of 29 assets tracked against LLY, VXZ lands near the bottom at #28. Correlation aside, the last 12 months split them widely, with LLY ahead by 77.3 points (+61.2% versus -16.1%).
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.
LLY vs VXZ: side by side
| LLY (Lilly (Eli)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.2% | -16.1% |
| 5-year return | +369.2% | -53.1% |
| Volatility (ann.) | 36.6% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -34.5% | -36.4% |
| Market cap | $1,048.8B | – |
| P/E (trailing) | 40.0 | – |
| Dividend yield | 0.54% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | LLY | VXZ |
|---|---|---|
| 2022 | +34.3% | +0.5% |
| 2023 | +60.9% | -44.0% |
| 2024 | +33.3% | -12.7% |
| 2025 | +40.2% | +5.7% |
| 2026 | +10.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LLY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between LLY and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.14 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for LLY?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/lly-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lly-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LLY correlations · VXZ correlations
