VCEL vs VXZ: Correlation
Vericel Corporation (VCEL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VCEL and VXZ?
Over the past 3 years, VCEL and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -437.6 %².
Out of 12 assets tracked against VCEL, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with VCEL ahead by 30.8 points (+14.7% versus -16.1%). One caveat on sizing: VCEL is 1.6 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.
VCEL vs VXZ: side by side
| VCEL (Vericel Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.7% | -16.1% |
| 5-year return | -26.0% | -53.1% |
| Volatility (ann.) | 41.9% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -52.5% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | 87.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VCEL | VXZ |
|---|---|---|
| 2022 | -33.0% | +0.5% |
| 2023 | +35.2% | -44.0% |
| 2024 | +54.2% | -12.7% |
| 2025 | -34.4% | +5.7% |
| 2026 | +14.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VCEL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, VCEL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VCEL and VXZ?
The VCEL/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.31, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VCEL?
Yes. With a correlation of -0.41, VCEL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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/vcel-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vcel-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VCEL correlations · VXZ correlations
