GWRS vs VXZ: Correlation
Measured on weekly returns over the past three years, Global Water Resources, Inc. (GWRS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWRS and VXZ?
Over the past 3 years, GWRS and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -296.7 %².
VXZ is close to the least connected end of GWRS's tracked universe, ranking #11 of 11. On 12-month performance GWRS holds a 14.5-point edge, -1.6% against -16.1%.
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.
GWRS vs VXZ: side by side
| GWRS (Global Water Resources, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.6% | -16.1% |
| 5-year return | -47.4% | -53.1% |
| Volatility (ann.) | 28.4% | 25.6% |
| Beta vs S&P 500 | 0.67 | -1.31 |
| Max drawdown (3Y) | -48.4% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 83.4 | – |
| Dividend yield | 3.28% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWRS | VXZ |
|---|---|---|
| 2022 | -20.7% | +0.5% |
| 2023 | +1.0% | -44.0% |
| 2024 | -10.0% | -12.7% |
| 2025 | -24.4% | +5.7% |
| 2026 | +11.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWRS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, GWRS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GWRS and VXZ?
The GWRS/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.39, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GWRS?
Yes. With a correlation of -0.41, GWRS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gwrs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gwrs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GWRS correlations · VXZ correlations
