TSI vs VXZ: Correlation
How closely do TCW Strategic Income Fund, Inc. (TSI) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TSI and VXZ?
Across a 3-year window, the weekly returns of TSI and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -50.7 %².
Out of 10 assets tracked against TSI, VXZ lands near the bottom at #9. The trailing year gives TSI the advantage: -2.9% versus -16.1%, a 13.2-point spread. Risk is not evenly split, since VXZ carries 3.7 times the volatility of the other side.
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.
TSI vs VXZ: side by side
| TSI (TCW Strategic Income Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.9% | -16.1% |
| 5-year return | +12.9% | -53.1% |
| Volatility (ann.) | 6.9% | 25.6% |
| Beta vs S&P 500 | 0.21 | -1.31 |
| Max drawdown (3Y) | -8.3% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 5.91% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TSI | VXZ |
|---|---|---|
| 2022 | -12.8% | +0.5% |
| 2023 | +7.1% | -44.0% |
| 2024 | +13.5% | -12.7% |
| 2025 | +9.7% | +5.7% |
| 2026 | -6.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TSI and VXZ good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TSI and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.36 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for TSI?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/tsi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tsi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TSI correlations · VXZ correlations
