VXZ vs XERS: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Xeris Biopharma Holdings, Inc. (XERS) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XERS?
On 3 years of weekly data the VXZ/XERS correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.40 over 3. The 5-year figure is -0.30, and annualized covariance runs at -598.4 %².
By 3-year correlation, XERS places #1922 of the 2840 assets tracked against VXZ. Correlation aside, the last 12 months split them widely, with XERS ahead by 23.7 points (-16.1% versus +7.6%). Risk is not evenly split, since XERS carries 2.3 times the volatility of the other side.
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 XERS: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XERS (Xeris Biopharma Holdings, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +7.6% |
| 5-year return | -53.1% | +212.7% |
| Volatility (ann.) | 25.6% | 58.5% |
| Beta vs S&P 500 | -1.31 | 1.29 |
| Max drawdown (3Y) | -36.4% | -47.2% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XERS |
|---|---|---|
| 2022 | +0.5% | -54.6% |
| 2023 | -44.0% | +76.7% |
| 2024 | -12.7% | +44.3% |
| 2025 | +5.7% | +131.6% |
| 2026 | -10.5% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XERS good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and XERS?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.36 over the last year and -0.30 over 5 years.
Is XERS a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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/vxz-vs-xers.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-xers/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · XERS correlations
