TWIN vs VXZ: Correlation
Twin Disc, Incorporated (TWIN) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TWIN and VXZ?
Over the past 3 years, TWIN and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -342.3 %².
Out of 12 assets tracked against TWIN, VXZ lands near the bottom at #12. The last year tells two different stories: TWIN led by 102.3 percentage points, +86.2% for TWIN against -16.1% for VXZ. Note the risk asymmetry: TWIN runs 2.0 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.
TWIN vs VXZ: side by side
| TWIN (Twin Disc, Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +86.2% | -16.1% |
| 5-year return | +98.7% | -53.1% |
| Volatility (ann.) | 50.6% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -64.4% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.6 | – |
| Dividend yield | 0.68% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TWIN | VXZ |
|---|---|---|
| 2022 | -11.3% | +0.5% |
| 2023 | +66.7% | -44.0% |
| 2024 | -26.4% | -12.7% |
| 2025 | +44.4% | +5.7% |
| 2026 | +41.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TWIN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, TWIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TWIN and VXZ?
The TWIN/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.22, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TWIN?
Yes. With a correlation of -0.26, TWIN 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/twin-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/twin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TWIN correlations · VXZ correlations
