TT vs VXZ: Correlation
Trane Technologies (TT) 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 -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TT and VXZ?
On 3 years of weekly data the TT/VXZ correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.23) than the 3-year average (-0.50). The 5-year figure is -0.53, and annualized covariance runs at -358.0 %².
Out of 37 assets tracked against TT, VXZ lands near the bottom at #37. Their recent paths diverged sharply: over the last 12 months TT outperformed by 23.9 percentage points (+7.8% for TT 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.
TT vs VXZ: side by side
| TT (Trane Technologies) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.8% | -16.1% |
| 5-year return | +141.4% | -53.1% |
| Volatility (ann.) | 27.8% | 25.6% |
| Beta vs S&P 500 | 1.19 | -1.31 |
| Max drawdown (3Y) | -24.4% | -36.4% |
| Market cap | $100.0B | – |
| P/E (trailing) | 33.8 | – |
| Dividend yield | 0.86% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | TT | VXZ |
|---|---|---|
| 2022 | -15.3% | +0.5% |
| 2023 | +47.4% | -44.0% |
| 2024 | +53.0% | -12.7% |
| 2025 | +6.1% | +5.7% |
| 2026 | +17.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between TT and VXZ?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.23 over the last year and -0.53 over 5 years.
Is VXZ a good diversifier for TT?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 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/tt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TT correlations · VXZ correlations
