TRV vs VXZ: Correlation
How closely do Travelers Companies (The) (TRV) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRV and VXZ?
Across a 3-year window, the weekly returns of TRV and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.32). Stretching to 5 years gives -0.34, with an annualized covariance of -171.3 %².
VXZ is close to the least connected end of TRV's tracked universe, ranking #29 of 29. Their recent paths diverged sharply: over the last 12 months TRV outperformed by 53.9 percentage points (+37.8% for TRV 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.
TRV vs VXZ: side by side
| TRV (Travelers Companies (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.8% | -16.1% |
| 5-year return | +155.3% | -53.1% |
| Volatility (ann.) | 20.8% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -12.5% | -36.4% |
| Market cap | $77.0B | – |
| P/E (trailing) | 10.0 | – |
| Dividend yield | 1.23% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | TRV | VXZ |
|---|---|---|
| 2022 | +22.4% | +0.5% |
| 2023 | +3.9% | -44.0% |
| 2024 | +28.8% | -12.7% |
| 2025 | +22.4% | +5.7% |
| 2026 | +28.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TRV and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TRV and VXZ?
The TRV/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.15, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TRV?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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/trv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/trv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TRV correlations · VXZ correlations
