TDAY vs VXZ: Correlation
USA TODAY Co., Inc. (TDAY) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TDAY and VXZ?
On 3 years of weekly data the TDAY/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.06) runs above the 3-year figure (-0.24). The 5-year figure is -0.30, and annualized covariance runs at -364.7 %².
VXZ is close to the least connected end of TDAY's tracked universe, ranking #10 of 11. The last year tells two different stories: TDAY led by 72.2 percentage points, +56.1% for TDAY against -16.1% for VXZ. One caveat on sizing: TDAY is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
TDAY vs VXZ: side by side
| TDAY (USA TODAY Co., Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +56.1% | -16.1% |
| 5-year return | -0.3% | -53.1% |
| Volatility (ann.) | 58.6% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -54.6% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TDAY | VXZ |
|---|---|---|
| 2022 | -61.9% | +0.5% |
| 2023 | +13.3% | -44.0% |
| 2024 | +120.0% | -12.7% |
| 2025 | +1.8% | +5.7% |
| 2026 | +24.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TDAY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between TDAY and VXZ?
As of 2026-08-27, the correlation of weekly returns between TDAY and VXZ is -0.24 over 3 years, -0.06 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for TDAY?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/tday-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tday-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TDAY correlations · VXZ correlations
