VXZ vs ZYME: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zymeworks Inc. (ZYME) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZYME?
Across a 3-year window, the weekly returns of VXZ and ZYME correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.02) runs above the 3-year figure (-0.29). Stretching to 5 years gives -0.20, with an annualized covariance of -368.7 %².
Within VXZ's tracked universe of 2840 assets, ZYME comes in at #859 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZYME outperformed by 110.4 percentage points (-16.1% for VXZ against +94.3% for ZYME). Risk is not evenly split, since ZYME carries 1.9 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 ZYME: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZYME (Zymeworks Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +94.3% |
| 5-year return | -53.1% | -10.9% |
| Volatility (ann.) | 25.6% | 49.4% |
| Beta vs S&P 500 | -1.31 | 1.02 |
| Max drawdown (3Y) | -36.4% | -45.7% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZYME |
|---|---|---|
| 2022 | +0.5% | -52.0% |
| 2023 | -44.0% | +32.2% |
| 2024 | -12.7% | +40.9% |
| 2025 | +5.7% | +79.8% |
| 2026 | -10.5% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZYME good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and ZYME?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.02 over the last year and -0.20 over 5 years.
Is ZYME a good diversifier for VXZ?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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-zyme.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-zyme/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZYME correlations
