GWW vs VXZ: Correlation
Measured on weekly returns over the past three years, W. W. Grainger (GWW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWW and VXZ?
Over the past 3 years, GWW and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.40 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -237.8 %².
Among the 29 assets we track against GWW, VXZ sits near the bottom by co-movement, at rank #29. Their recent paths diverged sharply: over the last 12 months GWW outperformed by 47.1 percentage points (+31.0% for GWW against -16.1% for VXZ).
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.
GWW vs VXZ: side by side
| GWW (W. W. Grainger) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.0% | -16.1% |
| 5-year return | +219.4% | -53.1% |
| Volatility (ann.) | 23.3% | 25.6% |
| Beta vs S&P 500 | 0.74 | -1.31 |
| Max drawdown (3Y) | -24.5% | -36.4% |
| Market cap | $62.2B | – |
| P/E (trailing) | 34.0 | – |
| Dividend yield | 0.69% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | GWW | VXZ |
|---|---|---|
| 2022 | +8.7% | +0.5% |
| 2023 | +50.5% | -44.0% |
| 2024 | +28.2% | -12.7% |
| 2025 | -3.4% | +5.7% |
| 2026 | +31.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between GWW and VXZ?
The GWW/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.18, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GWW?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/gww-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gww-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GWW correlations · VXZ correlations
