VXX vs ZVRA: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zevra Therapeutics, Inc. (ZVRA) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZVRA?
Across a 3-year window, the weekly returns of VXX and ZVRA correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.29, with an annualized covariance of -915.2 %².
Among the 2872 assets we track against VXX, ZVRA ranks #434 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZVRA ahead by 76.3 points (-49.7% versus +26.6%).
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 ZVRA: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZVRA (Zevra Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +26.6% |
| 5-year return | -95.6% | +33.0% |
| Volatility (ann.) | 60.9% | 61.3% |
| Beta vs S&P 500 | -3.31 | 0.96 |
| Max drawdown (3Y) | -83.3% | -43.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZVRA |
|---|---|---|
| 2022 | -23.8% | -47.3% |
| 2023 | -72.5% | +42.7% |
| 2024 | -26.2% | +27.3% |
| 2025 | -42.2% | +7.4% |
| 2026 | -31.6% | +32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZVRA good diversifiers for each other?
Yes. With a correlation of -0.25, VXX and ZVRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZVRA?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.09 over the last year and -0.29 over 5 years.
Is ZVRA a good diversifier for VXX?
Yes. With a correlation of -0.25, VXX and ZVRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
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Hubs: VXX correlations · ZVRA correlations
