HFWA vs VXZ: Correlation
Heritage Financial Corporation (HFWA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HFWA and VXZ?
Over the past 3 years, HFWA and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -327.4 %².
Out of 14 assets tracked against HFWA, VXZ lands near the bottom at #14. The last year tells two different stories: HFWA led by 36.9 percentage points, +20.8% for HFWA 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.
HFWA vs VXZ: side by side
| HFWA (Heritage Financial Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.8% | -16.1% |
| 5-year return | +38.4% | -53.1% |
| Volatility (ann.) | 30.5% | 25.6% |
| Beta vs S&P 500 | 0.66 | -1.31 |
| Max drawdown (3Y) | -22.4% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 13.7 | – |
| Dividend yield | 3.34% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HFWA | VXZ |
|---|---|---|
| 2022 | +29.3% | +0.5% |
| 2023 | -26.9% | -44.0% |
| 2024 | +19.8% | -12.7% |
| 2025 | +0.6% | +5.7% |
| 2026 | +24.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HFWA and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HFWA and VXZ?
As of 2026-08-27, the correlation of weekly returns between HFWA and VXZ is -0.42 over 3 years, -0.38 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for HFWA?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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/hfwa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hfwa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HFWA correlations · VXZ correlations
