VEEV vs VXZ: Correlation
How closely do Veeva Systems (VEEV) 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 VEEV and VXZ?
Over the past 3 years, VEEV and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -265.7 %².
VXZ is close to the least connected end of VEEV's tracked universe, ranking #32 of 34. The trailing year gives VEEV the advantage: -3.9% versus -16.1%, a 12.2-point spread. One caveat on sizing: VEEV 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.
VEEV vs VXZ: side by side
| VEEV (Veeva Systems) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.9% | -16.1% |
| 5-year return | -15.2% | -53.1% |
| Volatility (ann.) | 40.0% | 25.6% |
| Beta vs S&P 500 | 0.99 | -1.31 |
| Max drawdown (3Y) | -50.5% | -36.4% |
| Market cap | $45.8B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | VEEV | VXZ |
|---|---|---|
| 2022 | -36.8% | +0.5% |
| 2023 | +19.3% | -44.0% |
| 2024 | +9.2% | -12.7% |
| 2025 | +6.2% | +5.7% |
| 2026 | +26.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VEEV and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VEEV and VXZ?
As of 2026-08-27, the correlation of weekly returns between VEEV and VXZ is -0.26 over 3 years, -0.28 over 1 year and -0.38 over 5 years.
Is VXZ a good diversifier for VEEV?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/veev-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/veev-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VEEV correlations · VXZ correlations
