VXX vs ZNTL: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zentalis Pharmaceuticals, Inc. (ZNTL) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZNTL?
Over the past 3 years, VXX and ZNTL moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -2650.5 %².
Among the 2872 assets we track against VXX, ZNTL ranks #639 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZNTL outperformed by 162.9 percentage points (-49.7% for VXX against +113.2% for ZNTL). Note the risk asymmetry: ZNTL runs 2.6 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.
VXX vs ZNTL: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZNTL (Zentalis Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +113.2% |
| 5-year return | -95.6% | -94.1% |
| Volatility (ann.) | 60.9% | 159.7% |
| Beta vs S&P 500 | -3.31 | 2.82 |
| Max drawdown (3Y) | -83.3% | -96.2% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZNTL |
|---|---|---|
| 2022 | -23.8% | -76.0% |
| 2023 | -72.5% | -24.8% |
| 2024 | -26.2% | -80.0% |
| 2025 | -42.2% | -55.4% |
| 2026 | -31.6% | +187.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZNTL good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and ZNTL?
The VXX/ZNTL correlation stands at -0.27 on a 3-year window (1 year: -0.23, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is ZNTL a good diversifier for VXX?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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
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Related comparisons
Hubs: VXX correlations · ZNTL correlations
