RLAY vs VXZ: Correlation
How closely do Relay Therapeutics, Inc. (RLAY) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RLAY and VXZ?
Over the past 3 years, RLAY and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -645.3 %².
VXZ is close to the least connected end of RLAY's tracked universe, ranking #15 of 16. The last year tells two different stories: RLAY led by 460.1 percentage points, +444.0% for RLAY against -16.1% for VXZ. One caveat on sizing: RLAY is 2.8 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.
RLAY vs VXZ: side by side
| RLAY (Relay Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +444.0% | -16.1% |
| 5-year return | -35.3% | -53.1% |
| Volatility (ann.) | 71.3% | 25.6% |
| Beta vs S&P 500 | 2.17 | -1.31 |
| Max drawdown (3Y) | -83.4% | -36.4% |
| Market cap | $4.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RLAY | VXZ |
|---|---|---|
| 2022 | -51.4% | +0.5% |
| 2023 | -26.3% | -44.0% |
| 2024 | -62.6% | -12.7% |
| 2025 | +105.3% | +5.7% |
| 2026 | +129.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RLAY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, RLAY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RLAY and VXZ?
As of 2026-08-27, the correlation of weekly returns between RLAY and VXZ is -0.35 over 3 years, -0.32 over 1 year and -0.36 over 5 years.
Is VXZ a good diversifier for RLAY?
Yes. With a correlation of -0.35, RLAY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 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/rlay-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rlay-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RLAY correlations · VXZ correlations
