TD vs VXZ: Correlation
How closely do Toronto Dominion Bank (The) (TD) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TD and VXZ?
Over the past 3 years, TD and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.38 over 3 years. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -184.8 %².
Out of 13 assets tracked against TD, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with TD ahead by 77.5 points (+61.4% versus -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.
TD vs VXZ: side by side
| TD (Toronto Dominion Bank (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.4% | -16.1% |
| 5-year return | +124.4% | -53.1% |
| Volatility (ann.) | 19.1% | 25.6% |
| Beta vs S&P 500 | 0.59 | -1.31 |
| Max drawdown (3Y) | -19.2% | -36.4% |
| Market cap | $198.4B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TD | VXZ |
|---|---|---|
| 2022 | -12.2% | +0.5% |
| 2023 | +4.6% | -44.0% |
| 2024 | -13.4% | -12.7% |
| 2025 | +83.6% | +5.7% |
| 2026 | +30.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, TD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TD and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.56 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for TD?
Yes. With a correlation of -0.38, TD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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/td-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/td-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TD correlations · VXZ correlations
