MDWD vs VXZ: Correlation
How closely do MediWound Ltd. (MDWD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDWD and VXZ?
Across a 3-year window, the weekly returns of MDWD and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -418.8 %².
Among the 10 assets we track against MDWD, VXZ sits near the bottom by co-movement, at rank #10. The trailing year gives VXZ the advantage: -22.1% versus -16.1%, a 6.0-point spread. One caveat on sizing: MDWD is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MDWD vs VXZ: side by side
| MDWD (MediWound Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -22.1% | -16.1% |
| 5-year return | -47.2% | -53.1% |
| Volatility (ann.) | 51.6% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -42.9% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDWD | VXZ |
|---|---|---|
| 2022 | -18.3% | +0.5% |
| 2023 | -24.6% | -44.0% |
| 2024 | +75.0% | -12.7% |
| 2025 | +3.7% | +5.7% |
| 2026 | -28.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDWD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, MDWD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MDWD and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.32 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for MDWD?
Yes. With a correlation of -0.32, MDWD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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/mdwd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdwd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDWD correlations · VXZ correlations
