NWL vs VXZ: Correlation
How closely do Newell Brands Inc. (NWL) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWL and VXZ?
Across a 3-year window, the weekly returns of NWL and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.29 over 3 years. Stretching to 5 years gives -0.33, with an annualized covariance of -469.0 %².
VXZ is close to the least connected end of NWL's tracked universe, ranking #15 of 15. Correlation aside, the last 12 months split them widely, with NWL ahead by 21.7 points (+5.6% versus -16.1%). Risk is not evenly split, since NWL carries 2.5 times the volatility of the other side.
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.
NWL vs VXZ: side by side
| NWL (Newell Brands Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.6% | -16.1% |
| 5-year return | -70.7% | -53.1% |
| Volatility (ann.) | 62.8% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -72.3% | -36.4% |
| Market cap | $2.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.70% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWL | VXZ |
|---|---|---|
| 2022 | -37.0% | +0.5% |
| 2023 | -30.9% | -44.0% |
| 2024 | +19.0% | -12.7% |
| 2025 | -60.5% | +5.7% |
| 2026 | +63.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWL and VXZ good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NWL and VXZ?
The NWL/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.41, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NWL?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/nwl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nwl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWL correlations · VXZ correlations
