SVRA vs VXZ: Correlation
How closely do Savara, Inc. (SVRA) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SVRA and VXZ?
On 3 years of weekly data the SVRA/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.29). The 5-year figure is -0.30, and annualized covariance runs at -393.4 %².
Out of 10 assets tracked against SVRA, VXZ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with SVRA ahead by 83.0 points (+66.9% versus -16.1%). Note the risk asymmetry: SVRA runs 2.1 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.
SVRA vs VXZ: side by side
| SVRA (Savara, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +66.9% | -16.1% |
| 5-year return | +286.6% | -53.1% |
| Volatility (ann.) | 53.3% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -65.3% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SVRA | VXZ |
|---|---|---|
| 2022 | +25.0% | +0.5% |
| 2023 | +203.2% | -44.0% |
| 2024 | -34.7% | -12.7% |
| 2025 | +96.4% | +5.7% |
| 2026 | -9.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SVRA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, SVRA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SVRA and VXZ?
As of 2026-08-27, the correlation of weekly returns between SVRA and VXZ is -0.29 over 3 years, -0.45 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for SVRA?
Yes. With a correlation of -0.29, SVRA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/svra-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/svra-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SVRA correlations · VXZ correlations
