VELO vs VXZ: Correlation
How closely do Velo3D, Inc. (VELO) 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 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VELO and VXZ?
Over the past 3 years, VELO and VXZ moved with a correlation of 0.20, which is weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.20). Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 1259.1 %².
By 3-year correlation, VXZ places #6 of the 84 assets tracked against VELO. Their recent paths diverged sharply: over the last 12 months VELO outperformed by 198.0 percentage points (+181.9% for VELO against -16.1% for VXZ). Note the risk asymmetry: VELO runs 9.7 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.
VELO vs VXZ: side by side
| VELO (Velo3D, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +181.9% | -16.1% |
| 5-year return | -99.8% | -53.1% |
| Volatility (ann.) | 249.0% | 25.6% |
| Beta vs S&P 500 | -2.66 | -1.31 |
| Max drawdown (3Y) | -99.8% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VELO | VXZ |
|---|---|---|
| 2022 | -77.1% | +0.5% |
| 2023 | -77.8% | -44.0% |
| 2024 | -95.2% | -12.7% |
| 2025 | +35.7% | +5.7% |
| 2026 | -6.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VELO and VXZ good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between VELO and VXZ?
The VELO/VXZ correlation stands at 0.20 on a 3-year window (1 year: -0.05, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for VELO?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
A reading of 0.20 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/velo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/velo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VELO correlations · VXZ correlations
