TROW vs VXZ: Correlation
T. Rowe Price (TROW) 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 -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TROW and VXZ?
On 3 years of weekly data the TROW/VXZ correlation comes out at -0.54, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.37 versus -0.54 over 3 years. The 5-year figure is -0.49, and annualized covariance runs at -323.2 %².
Out of 46 assets tracked against TROW, VXZ lands near the bottom at #46. Correlation aside, the last 12 months split them widely, with TROW ahead by 24.2 points (+8.1% versus -16.1%).
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.
TROW vs VXZ: side by side
| TROW (T. Rowe Price) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.1% | -16.1% |
| 5-year return | -37.0% | -53.1% |
| Volatility (ann.) | 23.5% | 25.6% |
| Beta vs S&P 500 | 1.10 | -1.31 |
| Max drawdown (3Y) | -34.0% | -36.4% |
| Market cap | $24.0B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 4.57% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | TROW | VXZ |
|---|---|---|
| 2022 | -42.2% | +0.5% |
| 2023 | +3.4% | -44.0% |
| 2024 | +9.7% | -12.7% |
| 2025 | -4.7% | +5.7% |
| 2026 | +12.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TROW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
FAQ
What is the correlation between TROW and VXZ?
As of 2026-08-27, the correlation of weekly returns between TROW and VXZ is -0.54 over 3 years, -0.37 over 1 year and -0.49 over 5 years.
Is VXZ a good diversifier for TROW?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
What does a correlation of -0.54 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/trow-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/trow-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TROW correlations · VXZ correlations
