HWM vs VXZ: Correlation
Howmet Aerospace (HWM) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and VXZ?
On 3 years of weekly data the HWM/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.26 versus -0.46 over 3 years. The 5-year figure is -0.50, and annualized covariance runs at -375.5 %².
Among the 35 assets we track against HWM, VXZ sits near the bottom by co-movement, at rank #35. Their recent paths diverged sharply: over the last 12 months HWM outperformed by 68.8 percentage points (+52.7% for HWM 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.
HWM vs VXZ: side by side
| HWM (Howmet Aerospace) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +52.7% | -16.1% |
| 5-year return | +754.4% | -53.1% |
| Volatility (ann.) | 32.1% | 25.6% |
| Beta vs S&P 500 | 1.24 | -1.31 |
| Max drawdown (3Y) | -19.4% | -36.4% |
| Market cap | $106.7B | – |
| P/E (trailing) | 58.2 | – |
| Dividend yield | 0.18% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | HWM | VXZ |
|---|---|---|
| 2022 | +24.2% | +0.5% |
| 2023 | +37.8% | -44.0% |
| 2024 | +102.7% | -12.7% |
| 2025 | +88.0% | +5.7% |
| 2026 | +30.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and VXZ good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HWM and VXZ?
The HWM/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.26, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HWM?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 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/hwm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HWM correlations · VXZ correlations
