MWA vs VXZ: Correlation
How closely do MUELLER WATER PRODUCTS (MWA) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MWA and VXZ?
Across a 3-year window, the weekly returns of MWA and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.45). Stretching to 5 years gives -0.50, with an annualized covariance of -365.9 %².
VXZ is close to the least connected end of MWA's tracked universe, ranking #11 of 11. The trailing year gives MWA the advantage: -8.4% versus -16.1%, a 7.7-point spread.
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.
MWA vs VXZ: side by side
| MWA (MUELLER WATER PRODUCTS) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.4% | -16.1% |
| 5-year return | +59.7% | -53.1% |
| Volatility (ann.) | 31.5% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -19.2% | -36.4% |
| Market cap | $3.9B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 1.10% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MWA | VXZ |
|---|---|---|
| 2022 | -23.8% | +0.5% |
| 2023 | +36.3% | -44.0% |
| 2024 | +58.4% | -12.7% |
| 2025 | +7.0% | +5.7% |
| 2026 | +4.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MWA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between MWA and VXZ?
As of 2026-08-27, the correlation of weekly returns between MWA and VXZ is -0.45 over 3 years, -0.29 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for MWA?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
A reading of -0.45 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/mwa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mwa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MWA correlations · VXZ correlations
