SMMT vs VXZ: Correlation
Measured on weekly returns over the past three years, Summit Therapeutics Inc. (SMMT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMMT and VXZ?
Over the past 3 years, SMMT and VXZ moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.32) runs below the 3-year figure (-0.20). Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -777.0 %².
Out of 13 assets tracked against SMMT, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 26.1 percentage points (-42.2% for SMMT against -16.1% for VXZ). Risk is not evenly split, since SMMT carries 5.9 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.
SMMT vs VXZ: side by side
| SMMT (Summit Therapeutics Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -42.2% | -16.1% |
| 5-year return | +78.5% | -53.1% |
| Volatility (ann.) | 150.4% | 25.6% |
| Beta vs S&P 500 | 2.43 | -1.31 |
| Max drawdown (3Y) | -66.1% | -36.4% |
| Market cap | $11.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMMT | VXZ |
|---|---|---|
| 2022 | +58.0% | +0.5% |
| 2023 | -38.6% | -44.0% |
| 2024 | +583.7% | -12.7% |
| 2025 | -2.0% | +5.7% |
| 2026 | -18.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMMT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between SMMT and VXZ?
The SMMT/VXZ correlation stands at -0.20 on a 3-year window (1 year: -0.32, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SMMT?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/smmt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smmt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SMMT correlations · VXZ correlations
