TNYA vs VXZ: Correlation
How closely do Tenaya Therapeutics, Inc. (TNYA) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNYA and VXZ?
On 3 years of weekly data the TNYA/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.12 versus -0.26 over 3 years. The 5-year figure is -0.23, and annualized covariance runs at -840.0 %².
Out of 10 assets tracked against TNYA, VXZ lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 20.7 percentage points (-36.8% for TNYA against -16.1% for VXZ). Risk is not evenly split, since TNYA carries 4.9 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.
TNYA vs VXZ: side by side
| TNYA (Tenaya Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -36.8% | -16.1% |
| 5-year return | -97.3% | -53.1% |
| Volatility (ann.) | 126.0% | 25.6% |
| Beta vs S&P 500 | 2.90 | -1.31 |
| Max drawdown (3Y) | -94.3% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNYA | VXZ |
|---|---|---|
| 2022 | -89.4% | +0.5% |
| 2023 | +61.2% | -44.0% |
| 2024 | -55.9% | -12.7% |
| 2025 | -50.2% | +5.7% |
| 2026 | -2.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNYA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, TNYA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TNYA and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.12 over the last year and -0.23 over 5 years.
Is VXZ a good diversifier for TNYA?
Yes. With a correlation of -0.26, TNYA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/tnya-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnya-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TNYA correlations · VXZ correlations
