VXZ vs WVE: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wave Life Sciences, Inc. (WVE) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WVE?
On 3 years of weekly data the VXZ/WVE correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. The 5-year figure is -0.21, and annualized covariance runs at -673.3 %².
Within VXZ's tracked universe of 2840 assets, WVE comes in at #232 by 3-year correlation. The last year tells two different stories: VXZ led by 32.7 percentage points, -16.1% for VXZ against -48.8% for WVE. Note the risk asymmetry: WVE runs 4.4 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.
VXZ vs WVE: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -48.8% |
| 5-year return | -53.1% | -15.0% |
| Volatility (ann.) | 25.6% | 113.5% |
| Beta vs S&P 500 | -1.31 | 1.84 |
| Max drawdown (3Y) | -36.4% | -76.3% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WVE |
|---|---|---|
| 2022 | +0.5% | +122.9% |
| 2023 | -44.0% | -27.9% |
| 2024 | -12.7% | +145.0% |
| 2025 | +5.7% | +37.4% |
| 2026 | -10.5% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WVE good diversifiers for each other?
Yes. With a correlation of -0.23, VXZ and WVE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WVE?
The VXZ/WVE correlation stands at -0.23 on a 3-year window (1 year: -0.18, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is WVE a good diversifier for VXZ?
Yes. With a correlation of -0.23, VXZ and WVE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · WVE correlations
