RWAY vs VXZ: Correlation
Measured on weekly returns over the past three years, Runway Growth Finance Corp. (RWAY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RWAY and VXZ?
Over the past 3 years, RWAY and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.36 over 3. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -273.9 %².
Out of 13 assets tracked against RWAY, VXZ lands near the bottom at #13. Over the last 12 months VXZ came out ahead by 11.1 percentage points (-27.2% against -16.1%).
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.
RWAY vs VXZ: side by side
| RWAY (Runway Growth Finance Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -27.2% | -16.1% |
| 5-year return | +2.3% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.69 | -1.31 |
| Max drawdown (3Y) | -45.3% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 27.4 | – |
| Dividend yield | 20.21% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RWAY | VXZ |
|---|---|---|
| 2022 | -0.6% | +0.5% |
| 2023 | +25.7% | -44.0% |
| 2024 | +1.7% | -12.7% |
| 2025 | -6.6% | +5.7% |
| 2026 | -15.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RWAY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between RWAY and VXZ?
The RWAY/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.26, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for RWAY?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rway-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rway-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RWAY correlations · VXZ correlations
