VXZ vs XNCR: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Xencor, Inc. (XNCR) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and XNCR?
Across a 3-year window, the weekly returns of VXZ and XNCR correlate at -0.37, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.37). Stretching to 5 years gives -0.32, with an annualized covariance of -574.8 %².
Within VXZ's tracked universe of 2840 assets, XNCR comes in at #1641 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XNCR outperformed by 276.2 percentage points (-16.1% for VXZ against +260.1% for XNCR). One caveat on sizing: XNCR is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XNCR: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | XNCR (Xencor, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +260.1% |
| 5-year return | -53.1% | -14.8% |
| Volatility (ann.) | 25.6% | 60.9% |
| Beta vs S&P 500 | -1.31 | 1.37 |
| Max drawdown (3Y) | -36.4% | -73.9% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | XNCR |
|---|---|---|
| 2022 | +0.5% | -35.1% |
| 2023 | -44.0% | -18.5% |
| 2024 | -12.7% | +8.2% |
| 2025 | +5.7% | -33.4% |
| 2026 | -10.5% | +88.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and XNCR good diversifiers for each other?
Yes. With a correlation of -0.37, VXZ and XNCR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and XNCR?
As of 2026-08-27, the correlation of weekly returns between VXZ and XNCR is -0.37 over 3 years, -0.12 over 1 year and -0.32 over 5 years.
Is XNCR a good diversifier for VXZ?
Yes. With a correlation of -0.37, VXZ and XNCR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 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.
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Related comparisons
Hubs: VXZ correlations · XNCR correlations
