TWI vs VXZ: Correlation
Measured on weekly returns over the past three years, Titan International, Inc. (DE) (TWI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TWI and VXZ?
Over the past 3 years, TWI and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.36 over 3. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -443.1 %².
Among the 11 assets we track against TWI, VXZ sits near the bottom by co-movement, at rank #10. On 12-month performance VXZ holds a 6.8-point edge, -22.9% against -16.1%. One caveat on sizing: TWI is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
TWI vs VXZ: side by side
| TWI (Titan International, Inc. (DE)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -22.9% | -16.1% |
| 5-year return | -16.4% | -53.1% |
| Volatility (ann.) | 48.0% | 25.6% |
| Beta vs S&P 500 | 1.38 | -1.31 |
| Max drawdown (3Y) | -58.5% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TWI | VXZ |
|---|---|---|
| 2022 | +39.8% | +0.5% |
| 2023 | -2.9% | -44.0% |
| 2024 | -54.4% | -12.7% |
| 2025 | +15.3% | +5.7% |
| 2026 | -10.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TWI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, TWI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TWI and VXZ?
The TWI/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.36, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TWI?
Yes. With a correlation of -0.36, TWI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/twi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/twi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TWI correlations · VXZ correlations
