VXX vs ZYME: Correlation
How closely do iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zymeworks Inc. (ZYME) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZYME?
Over the past 3 years, VXX and ZYME moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.04) runs above the 3-year figure (-0.30). Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -915.2 %².
Within VXX's tracked universe of 2872 assets, ZYME comes in at #993 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZYME outperformed by 144.0 percentage points (-49.7% for VXX against +94.3% for ZYME).
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 ZYME: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZYME (Zymeworks Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +94.3% |
| 5-year return | -95.6% | -10.9% |
| Volatility (ann.) | 60.9% | 49.4% |
| Beta vs S&P 500 | -3.31 | 1.02 |
| Max drawdown (3Y) | -83.3% | -45.7% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZYME |
|---|---|---|
| 2022 | -23.8% | -52.0% |
| 2023 | -72.5% | +32.2% |
| 2024 | -26.2% | +40.9% |
| 2025 | -42.2% | +79.8% |
| 2026 | -31.6% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZYME good diversifiers for each other?
Yes. With a correlation of -0.30, VXX and ZYME have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXX and ZYME?
The VXX/ZYME correlation stands at -0.30 on a 3-year window (1 year: 0.04, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is ZYME a good diversifier for VXX?
Yes. With a correlation of -0.30, VXX and ZYME have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 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/vxx-vs-zyme.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxx-vs-zyme/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXX correlations · ZYME correlations
