PW vs VXZ: Correlation
Measured on weekly returns over the past three years, Power REIT (MD) (PW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PW and VXZ?
On 3 years of weekly data the PW/VXZ correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.18). The 5-year figure is -0.18, and annualized covariance runs at -566.9 %².
VXZ is close to the least connected end of PW's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 36.7 percentage points (-52.8% for PW against -16.1% for VXZ). One caveat on sizing: PW is 4.8 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.
PW vs VXZ: side by side
| PW (Power REIT (MD)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -52.8% | -16.1% |
| 5-year return | -98.2% | -53.1% |
| Volatility (ann.) | 123.7% | 25.6% |
| Beta vs S&P 500 | 0.51 | -1.31 |
| Max drawdown (3Y) | -79.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PW | VXZ |
|---|---|---|
| 2022 | -94.3% | +0.5% |
| 2023 | -83.5% | -44.0% |
| 2024 | +104.6% | -12.7% |
| 2025 | -33.8% | +5.7% |
| 2026 | -12.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PW and VXZ good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PW and VXZ?
The PW/VXZ correlation stands at -0.18 on a 3-year window (1 year: -0.36, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for PW?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
A reading of -0.18 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/pw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PW correlations · VXZ correlations
