TSQ vs VXZ: Correlation
Townsquare Media, Inc. (TSQ) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TSQ and VXZ?
On 3 years of weekly data the TSQ/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.39 over 3 years. The 5-year figure is -0.32, and annualized covariance runs at -415.6 %².
VXZ is close to the least connected end of TSQ's tracked universe, ranking #13 of 13. Over the last 12 months TSQ came out ahead by 10.7 percentage points (-5.4% against -16.1%). Risk is not evenly split, since TSQ carries 1.6 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.
TSQ vs VXZ: side by side
| TSQ (Townsquare Media, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.4% | -16.1% |
| 5-year return | -37.3% | -53.1% |
| Volatility (ann.) | 41.8% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -61.7% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 13.68% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TSQ | VXZ |
|---|---|---|
| 2022 | -45.6% | +0.5% |
| 2023 | +57.3% | -44.0% |
| 2024 | -9.3% | -12.7% |
| 2025 | -37.4% | +5.7% |
| 2026 | +24.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TSQ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, TSQ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TSQ and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.51 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for TSQ?
Yes. With a correlation of -0.39, TSQ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/tsq-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tsq-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TSQ correlations · VXZ correlations
