TNC vs VXZ: Correlation
Tennant Company (TNC) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNC and VXZ?
On 3 years of weekly data the TNC/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.28 versus -0.41 over 3 years. The 5-year figure is -0.42, and annualized covariance runs at -334.3 %².
VXZ is close to the least connected end of TNC's tracked universe, ranking #16 of 16. Twelve-month performance is nearly a tie, at -15.0% for TNC and -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.
TNC vs VXZ: side by side
| TNC (Tennant Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.0% | -16.1% |
| 5-year return | +1.8% | -53.1% |
| Volatility (ann.) | 31.5% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -49.0% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 67.3 | – |
| Dividend yield | 1.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNC | VXZ |
|---|---|---|
| 2022 | -22.8% | +0.5% |
| 2023 | +52.6% | -44.0% |
| 2024 | -11.0% | -12.7% |
| 2025 | -8.2% | +5.7% |
| 2026 | -4.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, TNC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TNC and VXZ?
As of 2026-08-27, the correlation of weekly returns between TNC and VXZ is -0.41 over 3 years, -0.28 over 1 year and -0.42 over 5 years.
Is VXZ a good diversifier for TNC?
Yes. With a correlation of -0.41, TNC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/tnc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TNC correlations · VXZ correlations
