TAN vs VXZ: Correlation
How closely do Invesco Solar ETF (TAN) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TAN and VXZ?
On 3 years of weekly data the TAN/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -281.4 %².
VXZ is close to the least connected end of TAN's tracked universe, ranking #36 of 37. Their recent paths diverged sharply: over the last 12 months TAN outperformed by 37.5 percentage points (+21.4% for TAN 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.
TAN vs VXZ: side by side
| TAN (Invesco Solar ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -16.1% |
| 5-year return | -41.9% | -53.1% |
| Volatility (ann.) | 37.4% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -55.4% | -36.4% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | TAN | VXZ |
|---|---|---|
| 2022 | -5.2% | +0.5% |
| 2023 | -26.8% | -44.0% |
| 2024 | -37.6% | -12.7% |
| 2025 | +48.3% | +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 TAN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between TAN and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.22 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for TAN?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tan-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tan-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TAN correlations · VXZ correlations
