Hi, your question is addressed in the Help file of the Versioning FAQ section.
Q: What if I change the source/left and/or destination/right path? Are the versions files automatically moved?
A: No (this is the same as using variables).
Q: What if I change where versions are stored? What happens to the versions files?
A: You will lose access to the existing versions. You must manually delete the versions files, or configure your profile to ignore the $SBV$ folders.