VXZ vs ZVIA: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zevia PBC (ZVIA) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZVIA?
On 3 years of weekly data the VXZ/ZVIA correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.21 over 3. The 5-year figure is -0.28, and annualized covariance runs at -434.6 %².
By 3-year correlation, ZVIA places #103 of the 2840 assets tracked against VXZ. The last year tells two different stories: VXZ led by 31.3 percentage points, -16.1% for VXZ against -47.4% for ZVIA. Risk is not evenly split, since ZVIA carries 3.1 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 ZVIA: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZVIA (Zevia PBC) | |
|---|---|---|
| 1-year return | -16.1% | -47.4% |
| 5-year return | -53.1% | -90.1% |
| Volatility (ann.) | 25.6% | 80.3% |
| Beta vs S&P 500 | -1.31 | 1.22 |
| Max drawdown (3Y) | -36.4% | -78.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZVIA |
|---|---|---|
| 2022 | +0.5% | -42.0% |
| 2023 | -44.0% | -50.9% |
| 2024 | -12.7% | +108.5% |
| 2025 | +5.7% | -44.6% |
| 2026 | -10.5% | -38.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZVIA good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and ZVIA?
As of 2026-08-27, the correlation of weekly returns between VXZ and ZVIA is -0.21 over 3 years, -0.26 over 1 year and -0.28 over 5 years.
Is ZVIA a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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-zvia.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-zvia/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZVIA correlations
