PWR vs VXZ: Correlation
How closely do Quanta Services (PWR) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PWR and VXZ?
Across a 3-year window, the weekly returns of PWR and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.43 over 3 years. Stretching to 5 years gives -0.44, with an annualized covariance of -371.9 %².
VXZ is close to the least connected end of PWR's tracked universe, ranking #31 of 33. The last year tells two different stories: PWR led by 79.2 percentage points, +63.1% for PWR against -16.1% for VXZ.
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.
PWR vs VXZ: side by side
| PWR (Quanta Services) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +63.1% | -16.1% |
| 5-year return | +506.1% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 1.29 | -1.31 |
| Max drawdown (3Y) | -33.9% | -36.4% |
| Market cap | $93.5B | – |
| P/E (trailing) | 70.4 | – |
| Dividend yield | 0.07% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | PWR | VXZ |
|---|---|---|
| 2022 | +24.6% | +0.5% |
| 2023 | +51.7% | -44.0% |
| 2024 | +46.6% | -12.7% |
| 2025 | +33.7% | +5.7% |
| 2026 | +47.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PWR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between PWR and VXZ?
As of 2026-08-27, the correlation of weekly returns between PWR and VXZ is -0.43 over 3 years, -0.13 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for PWR?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 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/pwr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pwr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PWR correlations · VXZ correlations
