TDS vs VXZ: Correlation
Measured on weekly returns over the past three years, Telephone and Data Systems, Inc. (TDS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TDS and VXZ?
On 3 years of weekly data the TDS/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.29). The 5-year figure is -0.18, and annualized covariance runs at -344.9 %².
Out of 15 assets tracked against TDS, VXZ lands near the bottom at #14. Neither side won the trailing year by much: -17.0% against -16.1%. Risk is not evenly split, since TDS carries 1.8 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.
TDS vs VXZ: side by side
| TDS (Telephone and Data Systems, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.0% | -16.1% |
| 5-year return | +91.9% | -53.1% |
| Volatility (ann.) | 46.7% | 25.6% |
| Beta vs S&P 500 | 0.86 | -1.31 |
| Max drawdown (3Y) | -33.4% | -36.4% |
| Market cap | $3.8B | – |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 0.48% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TDS | VXZ |
|---|---|---|
| 2022 | -45.3% | +0.5% |
| 2023 | +86.3% | -44.0% |
| 2024 | +89.0% | -12.7% |
| 2025 | +20.7% | +5.7% |
| 2026 | -19.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TDS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, TDS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TDS and VXZ?
The TDS/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.15, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TDS?
Yes. With a correlation of -0.29, TDS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/tds-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tds-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TDS correlations · VXZ correlations
