NVAX vs VXZ: Correlation
Novavax, Inc. (NVAX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVAX and VXZ?
On 3 years of weekly data the NVAX/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -610.1 %².
Out of 16 assets tracked against NVAX, VXZ lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months NVAX outperformed by 35.5 percentage points (+19.4% for NVAX against -16.1% for VXZ). Risk is not evenly split, since NVAX carries 3.4 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.
NVAX vs VXZ: side by side
| NVAX (Novavax, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.4% | -16.1% |
| 5-year return | -96.1% | -53.1% |
| Volatility (ann.) | 86.3% | 25.6% |
| Beta vs S&P 500 | 1.77 | -1.31 |
| Max drawdown (3Y) | -74.1% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVAX | VXZ |
|---|---|---|
| 2022 | -92.8% | +0.5% |
| 2023 | -53.3% | -44.0% |
| 2024 | +67.5% | -12.7% |
| 2025 | -16.4% | +5.7% |
| 2026 | +34.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVAX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, NVAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NVAX and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.32 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for NVAX?
Yes. With a correlation of -0.28, NVAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nvax-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvax-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVAX correlations · VXZ correlations
