VXZ vs ZVRA: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zevra Therapeutics, Inc. (ZVRA) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZVRA?
Across a 3-year window, the weekly returns of VXZ and ZVRA correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.27 over 3 years. Stretching to 5 years gives -0.28, with an annualized covariance of -416.5 %².
By 3-year correlation, ZVRA places #664 of the 2840 assets tracked against VXZ. The last year tells two different stories: ZVRA led by 42.7 percentage points, -16.1% for VXZ against +26.6% for ZVRA. Risk is not evenly split, since ZVRA carries 2.4 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 ZVRA: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZVRA (Zevra Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +26.6% |
| 5-year return | -53.1% | +33.0% |
| Volatility (ann.) | 25.6% | 61.3% |
| Beta vs S&P 500 | -1.31 | 0.96 |
| Max drawdown (3Y) | -36.4% | -43.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZVRA |
|---|---|---|
| 2022 | +0.5% | -47.3% |
| 2023 | -44.0% | +42.7% |
| 2024 | -12.7% | +27.3% |
| 2025 | +5.7% | +7.4% |
| 2026 | -10.5% | +32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZVRA good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZVRA?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.14 over the last year and -0.28 over 5 years.
Is ZVRA a good diversifier for VXZ?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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-zvra.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-zvra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZVRA correlations
