NVCR vs VXZ: Correlation
How closely do NovoCure Limited (NVCR) 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 -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVCR and VXZ?
Over the past 3 years, NVCR and VXZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -392.2 %².
Among the 12 assets we track against NVCR, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with NVCR ahead by 67.1 points (+51.0% versus -16.1%). One caveat on sizing: NVCR is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NVCR vs VXZ: side by side
| NVCR (NovoCure Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.0% | -16.1% |
| 5-year return | -86.6% | -53.1% |
| Volatility (ann.) | 70.1% | 25.6% |
| Beta vs S&P 500 | 1.51 | -1.31 |
| Max drawdown (3Y) | -70.0% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVCR | VXZ |
|---|---|---|
| 2022 | -2.3% | +0.5% |
| 2023 | -79.6% | -44.0% |
| 2024 | +99.6% | -12.7% |
| 2025 | -56.6% | +5.7% |
| 2026 | +39.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVCR and VXZ good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NVCR and VXZ?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.16 over the last year and -0.23 over 5 years.
Is VXZ a good diversifier for NVCR?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/nvcr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvcr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVCR correlations · VXZ correlations
