PWP vs VXZ: Correlation
Measured on weekly returns over the past three years, Perella Weinberg Partners (PWP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PWP and VXZ?
Over the past 3 years, PWP and VXZ moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.40) than the 3-year average (-0.53). Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -544.1 %².
Out of 10 assets tracked against PWP, VXZ lands near the bottom at #10. Over the last 12 months VXZ came out ahead by 7.2 percentage points (-23.3% against -16.1%). Risk is not evenly split, since PWP carries 1.6 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.
PWP vs VXZ: side by side
| PWP (Perella Weinberg Partners) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.3% | -16.1% |
| 5-year return | +35.6% | -53.1% |
| Volatility (ann.) | 40.0% | 25.6% |
| Beta vs S&P 500 | 1.36 | -1.31 |
| Max drawdown (3Y) | -43.1% | -36.4% |
| Market cap | $1.7B | – |
| P/E (trailing) | 62.8 | – |
| Dividend yield | 1.70% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PWP | VXZ |
|---|---|---|
| 2022 | -21.2% | +0.5% |
| 2023 | +28.4% | -44.0% |
| 2024 | +98.2% | -12.7% |
| 2025 | -26.5% | +5.7% |
| 2026 | -1.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PWP and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between PWP and VXZ?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.40 over the last year and -0.47 over 5 years.
Is VXZ a good diversifier for PWP?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
A reading of -0.53 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/pwp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pwp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PWP correlations · VXZ correlations
