RAVE vs VXZ: Correlation
How closely do Rave Restaurant Group, Inc. (RAVE) 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 RAVE and VXZ?
Over the past 3 years, RAVE and VXZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.14 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -287.8 %².
Among the 10 assets we track against RAVE, VXZ sits near the bottom by co-movement, at rank #10. The trailing year gives RAVE the advantage: -4.0% versus -16.1%, a 12.1-point spread. Risk is not evenly split, since RAVE carries 2.0 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.
RAVE vs VXZ: side by side
| RAVE (Rave Restaurant Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.0% | -16.1% |
| 5-year return | +146.8% | -53.1% |
| Volatility (ann.) | 50.5% | 25.6% |
| Beta vs S&P 500 | 0.63 | -1.31 |
| Max drawdown (3Y) | -37.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RAVE | VXZ |
|---|---|---|
| 2022 | +56.4% | +0.5% |
| 2023 | +41.1% | -44.0% |
| 2024 | +15.7% | -12.7% |
| 2025 | +27.9% | +5.7% |
| 2026 | -5.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RAVE 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 RAVE and VXZ?
The RAVE/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.14, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for RAVE?
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/rave-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rave-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RAVE correlations · VXZ correlations
