POWW vs VXZ: Correlation
Measured on weekly returns over the past three years, Outdoor Holding Company (POWW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are POWW and VXZ?
Over the past 3 years, POWW and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.25). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -357.5 %².
VXZ is close to the least connected end of POWW's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with POWW ahead by 62.1 points (+46.0% versus -16.1%). Note the risk asymmetry: POWW runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
POWW vs VXZ: side by side
| POWW (Outdoor Holding Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +46.0% | -16.1% |
| 5-year return | -70.6% | -53.1% |
| Volatility (ann.) | 54.9% | 25.6% |
| Beta vs S&P 500 | 0.93 | -1.31 |
| Max drawdown (3Y) | -67.5% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 109.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | POWW | VXZ |
|---|---|---|
| 2022 | -68.3% | +0.5% |
| 2023 | +21.4% | -44.0% |
| 2024 | -47.6% | -12.7% |
| 2025 | +55.5% | +5.7% |
| 2026 | +28.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are POWW and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between POWW and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.41 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for POWW?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/poww-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/poww-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: POWW correlations · VXZ correlations
