TDW vs VXZ: Correlation
Tidewater Inc. (TDW) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TDW and VXZ?
On 3 years of weekly data the TDW/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.02) runs above the 3-year figure (-0.26). The 5-year figure is -0.28, and annualized covariance runs at -310.5 %².
Among the 12 assets we track against TDW, VXZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: TDW led by 69.3 percentage points, +53.2% for TDW against -16.1% for VXZ. Note the risk asymmetry: TDW runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
TDW vs VXZ: side by side
| TDW (Tidewater Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +53.2% | -16.1% |
| 5-year return | +724.8% | -53.1% |
| Volatility (ann.) | 46.4% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -70.3% | -36.4% |
| Market cap | $4.6B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TDW | VXZ |
|---|---|---|
| 2022 | +244.1% | +0.5% |
| 2023 | +95.7% | -44.0% |
| 2024 | -24.1% | -12.7% |
| 2025 | -7.7% | +5.7% |
| 2026 | +84.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TDW and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TDW and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.02 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for TDW?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/tdw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tdw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TDW correlations · VXZ correlations
