TRTX vs VXZ: Correlation
Measured on weekly returns over the past three years, TPG RE Finance Trust, Inc. (TRTX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRTX and VXZ?
Across a 3-year window, the weekly returns of TRTX and VXZ correlate at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.34 over 3. Stretching to 5 years gives -0.40, with an annualized covariance of -253.8 %².
Out of 13 assets tracked against TRTX, VXZ lands near the bottom at #13. Over the last 12 months TRTX came out ahead by 9.8 percentage points (-6.3% against -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.
TRTX vs VXZ: side by side
| TRTX (TPG RE Finance Trust, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.3% | -16.1% |
| 5-year return | +9.9% | -53.1% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -29.3% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 12.45% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TRTX | VXZ |
|---|---|---|
| 2022 | -38.4% | +0.5% |
| 2023 | +9.7% | -44.0% |
| 2024 | +46.9% | -12.7% |
| 2025 | +13.5% | +5.7% |
| 2026 | -4.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TRTX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between TRTX and VXZ?
As of 2026-08-27, the correlation of weekly returns between TRTX and VXZ is -0.34 over 3 years, -0.34 over 1 year and -0.40 over 5 years.
Is VXZ a good diversifier for TRTX?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/trtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/trtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TRTX correlations · VXZ correlations
