TVE vs VXZ: Correlation
Measured on weekly returns over the past three years, Tennessee Valley Authority (TVE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TVE and VXZ?
On 3 years of weekly data the TVE/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.26 over 3. The 5-year figure is -0.21, and annualized covariance runs at -40.8 %².
VXZ is close to the least connected end of TVE's tracked universe, ranking #10 of 10. The last year tells two different stories: TVE led by 17.8 percentage points, +1.7% for TVE against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 4.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
TVE vs VXZ: side by side
| TVE (Tennessee Valley Authority) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.7% | -16.1% |
| 5-year return | +0.6% | -53.1% |
| Volatility (ann.) | 6.1% | 25.6% |
| Beta vs S&P 500 | 0.08 | -1.31 |
| Max drawdown (3Y) | -5.7% | -36.4% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TVE | VXZ |
|---|---|---|
| 2022 | -13.5% | +0.5% |
| 2023 | +7.2% | -44.0% |
| 2024 | +0.1% | -12.7% |
| 2025 | +12.1% | +5.7% |
| 2026 | -2.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TVE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, TVE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TVE and VXZ?
The TVE/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.36, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TVE?
Yes. With a correlation of -0.26, TVE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tve-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tve-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TVE correlations · VXZ correlations
