TOWN vs VXZ: Correlation
How closely do Towne Bank (TOWN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TOWN and VXZ?
On 3 years of weekly data the TOWN/VXZ correlation comes out at -0.53, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.45 lands near the 3-year figure. The 5-year figure is -0.50, and annualized covariance runs at -340.9 %².
VXZ is close to the least connected end of TOWN's tracked universe, ranking #19 of 19. Their recent paths diverged sharply: over the last 12 months TOWN outperformed by 22.8 percentage points (+6.7% for TOWN 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.
TOWN vs VXZ: side by side
| TOWN (Towne Bank) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.7% | -16.1% |
| 5-year return | +47.6% | -53.1% |
| Volatility (ann.) | 25.0% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -18.4% | -36.4% |
| Market cap | $3.5B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 2.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TOWN | VXZ |
|---|---|---|
| 2022 | +0.7% | +0.5% |
| 2023 | +0.3% | -44.0% |
| 2024 | +18.3% | -12.7% |
| 2025 | +1.0% | +5.7% |
| 2026 | +16.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TOWN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between TOWN and VXZ?
The TOWN/VXZ correlation stands at -0.53 on a 3-year window (1 year: -0.45, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TOWN?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/town-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/town-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TOWN correlations · VXZ correlations
