ROIV vs VXZ: Correlation
How closely do Roivant Sciences Ltd. (ROIV) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROIV and VXZ?
On 3 years of weekly data the ROIV/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.36 over 3. The 5-year figure is -0.23, and annualized covariance runs at -328.4 %².
Out of 12 assets tracked against ROIV, VXZ lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months ROIV outperformed by 229.5 percentage points (+213.4% for ROIV against -16.1% for VXZ).
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.
ROIV vs VXZ: side by side
| ROIV (Roivant Sciences Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +213.4% | -16.1% |
| 5-year return | +278.1% | -53.1% |
| Volatility (ann.) | 36.0% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -36.5% | -36.4% |
| Market cap | $27.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ROIV | VXZ |
|---|---|---|
| 2022 | -20.7% | +0.5% |
| 2023 | +40.6% | -44.0% |
| 2024 | +5.3% | -12.7% |
| 2025 | +83.4% | +5.7% |
| 2026 | +73.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROIV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, ROIV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ROIV and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.29 over the last year and -0.23 over 5 years.
Is VXZ a good diversifier for ROIV?
Yes. With a correlation of -0.36, ROIV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/roiv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/roiv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ROIV correlations · VXZ correlations
