QS vs VXZ: Correlation
Measured on weekly returns over the past three years, QuantumScape Corporation (QS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QS and VXZ?
Over the past 3 years, QS and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -586.6 %².
VXZ is close to the least connected end of QS's tracked universe, ranking #16 of 18. The trailing year gives VXZ the advantage: -26.6% versus -16.1%, a 10.5-point spread. Note the risk asymmetry: QS runs 3.5 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.
QS vs VXZ: side by side
| QS (QuantumScape Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.6% | -16.1% |
| 5-year return | -72.4% | -53.1% |
| Volatility (ann.) | 90.7% | 25.6% |
| Beta vs S&P 500 | 2.17 | -1.31 |
| Max drawdown (3Y) | -73.5% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QS | VXZ |
|---|---|---|
| 2022 | -74.4% | +0.5% |
| 2023 | +22.6% | -44.0% |
| 2024 | -25.3% | -12.7% |
| 2025 | +100.8% | +5.7% |
| 2026 | -43.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QS 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 QS and VXZ?
As of 2026-08-27, the correlation of weekly returns between QS and VXZ is -0.25 over 3 years, -0.30 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for QS?
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?
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/qs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QS correlations · VXZ correlations
