THW vs VXZ: Correlation
Measured on weekly returns over the past three years, abrdn World Healthcare Fund Shares of Beneficial Interest (THW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are THW and VXZ?
Across a 3-year window, the weekly returns of THW and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.51 over 1 year against -0.45 over 3. Stretching to 5 years gives -0.45, with an annualized covariance of -244.5 %².
Out of 25 assets tracked against THW, VXZ lands near the bottom at #25. The last year tells two different stories: THW led by 49.8 percentage points, +33.7% for THW 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.
THW vs VXZ: side by side
| THW (abrdn World Healthcare Fund Shares of Beneficial Interest) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.7% | -16.1% |
| 5-year return | +40.2% | -53.1% |
| Volatility (ann.) | 21.4% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -25.4% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 6.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | THW | VXZ |
|---|---|---|
| 2022 | -1.2% | +0.5% |
| 2023 | -11.5% | -44.0% |
| 2024 | +5.4% | -12.7% |
| 2025 | +31.1% | +5.7% |
| 2026 | +18.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are THW and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, THW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between THW and VXZ?
The THW/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.51, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for THW?
Yes. With a correlation of -0.45, THW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
A reading of -0.45 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/thw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/thw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: THW correlations · VXZ correlations
