SWZ vs VXZ: Correlation
Total Return Securities Fund (SWZ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SWZ and VXZ?
On 3 years of weekly data the SWZ/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.52) runs below the 3-year figure (-0.32). The 5-year figure is -0.43, and annualized covariance runs at -112.0 %².
VXZ is close to the least connected end of SWZ's tracked universe, ranking #13 of 14. Over the last 12 months SWZ came out ahead by 14.9 percentage points (-1.2% against -16.1%). Risk is not evenly split, since VXZ carries 1.9 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.
SWZ vs VXZ: side by side
| SWZ (Total Return Securities Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.2% | -16.1% |
| 5-year return | +13.9% | -53.1% |
| Volatility (ann.) | 13.7% | 25.6% |
| Beta vs S&P 500 | 0.41 | -1.31 |
| Max drawdown (3Y) | -15.5% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 2.45% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SWZ | VXZ |
|---|---|---|
| 2022 | -17.7% | +0.5% |
| 2023 | +15.5% | -44.0% |
| 2024 | -2.5% | -12.7% |
| 2025 | +24.1% | +5.7% |
| 2026 | -3.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SWZ and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SWZ and VXZ?
The SWZ/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.52, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SWZ?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/swz-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/swz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SWZ correlations · VXZ correlations
