PATH vs VXZ: Correlation
Measured on weekly returns over the past three years, UiPath, Inc. (PATH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PATH and VXZ?
Over the past 3 years, PATH and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.28). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -428.2 %².
Out of 14 assets tracked against PATH, VXZ lands near the bottom at #12. The last year tells two different stories: PATH led by 80.6 percentage points, +64.5% for PATH against -16.1% for VXZ. Note the risk asymmetry: PATH runs 2.4 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.
PATH vs VXZ: side by side
| PATH (UiPath, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +64.5% | -16.1% |
| 5-year return | -71.6% | -53.1% |
| Volatility (ann.) | 60.8% | 25.6% |
| Beta vs S&P 500 | 1.40 | -1.31 |
| Max drawdown (3Y) | -65.1% | -36.4% |
| Market cap | $9.5B | – |
| P/E (trailing) | 27.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PATH | VXZ |
|---|---|---|
| 2022 | -70.5% | +0.5% |
| 2023 | +95.4% | -44.0% |
| 2024 | -48.8% | -12.7% |
| 2025 | +29.0% | +5.7% |
| 2026 | +11.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PATH and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PATH and VXZ?
The PATH/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.14, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PATH?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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/path-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/path-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PATH correlations · VXZ correlations
