TPVG vs VXZ: Correlation
How closely do TriplePoint Venture Growth BDC Corp. (TPVG) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TPVG and VXZ?
On 3 years of weekly data the TPVG/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.32) runs above the 3-year figure (-0.46). The 5-year figure is -0.47, and annualized covariance runs at -395.2 %².
VXZ is close to the least connected end of TPVG's tracked universe, ranking #11 of 11. The trailing year gives TPVG the advantage: -5.1% versus -16.1%, a 11.0-point spread.
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.
TPVG vs VXZ: side by side
| TPVG (TriplePoint Venture Growth BDC Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.1% | -16.1% |
| 5-year return | -31.0% | -53.1% |
| Volatility (ann.) | 33.8% | 25.6% |
| Beta vs S&P 500 | 1.06 | -1.31 |
| Max drawdown (3Y) | -43.4% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 5.4 | – |
| Dividend yield | 17.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TPVG | VXZ |
|---|---|---|
| 2022 | -34.7% | +0.5% |
| 2023 | +20.3% | -44.0% |
| 2024 | -20.0% | -12.7% |
| 2025 | +3.9% | +5.7% |
| 2026 | -10.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TPVG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, TPVG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TPVG and VXZ?
The TPVG/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.32, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TPVG?
Yes. With a correlation of -0.46, TPVG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
A reading of -0.46 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/tpvg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tpvg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TPVG correlations · VXZ correlations
