TW vs VXZ: Correlation
Tradeweb Markets Inc. (TW) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TW and VXZ?
Across a 3-year window, the weekly returns of TW and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.33). Stretching to 5 years gives -0.33, with an annualized covariance of -192.5 %².
Out of 11 assets tracked against TW, VXZ lands near the bottom at #11. Twelve-month performance is nearly a tie, at -13.9% for TW and -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.
TW vs VXZ: side by side
| TW (Tradeweb Markets Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.9% | -16.1% |
| 5-year return | +24.2% | -53.1% |
| Volatility (ann.) | 23.1% | 25.6% |
| Beta vs S&P 500 | 0.39 | -1.31 |
| Max drawdown (3Y) | -38.3% | -36.4% |
| Market cap | $23.4B | – |
| P/E (trailing) | 25.6 | – |
| Dividend yield | 0.48% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TW | VXZ |
|---|---|---|
| 2022 | -34.9% | +0.5% |
| 2023 | +40.6% | -44.0% |
| 2024 | +44.6% | -12.7% |
| 2025 | -17.5% | +5.7% |
| 2026 | +0.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between TW and VXZ?
The TW/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.15, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TW?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/tw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TW correlations · VXZ correlations
