QDEL vs VXZ: Correlation
QuidelOrtho Corporation (QDEL) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QDEL and VXZ?
Across a 3-year window, the weekly returns of QDEL and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Stretching to 5 years gives -0.23, with an annualized covariance of -458.2 %².
Out of 10 assets tracked against QDEL, VXZ lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 28.7 percentage points (-44.8% for QDEL against -16.1% for VXZ). One caveat on sizing: QDEL is 2.6 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.
QDEL vs VXZ: side by side
| QDEL (QuidelOrtho Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.8% | -16.1% |
| 5-year return | -88.2% | -53.1% |
| Volatility (ann.) | 66.5% | 25.6% |
| Beta vs S&P 500 | 1.10 | -1.31 |
| Max drawdown (3Y) | -88.1% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QDEL | VXZ |
|---|---|---|
| 2022 | -36.5% | +0.5% |
| 2023 | -14.0% | -44.0% |
| 2024 | -39.6% | -12.7% |
| 2025 | -35.9% | +5.7% |
| 2026 | -46.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QDEL and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QDEL and VXZ?
The QDEL/VXZ correlation stands at -0.27 on a 3-year window (1 year: -0.36, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for QDEL?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/qdel-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qdel-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QDEL correlations · VXZ correlations
