TXT vs VXZ: Correlation
How closely do Textron (TXT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TXT and VXZ?
Over the past 3 years, TXT and VXZ moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.33 versus -0.44 over 3 years. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -288.7 %².
Among the 39 assets we track against TXT, VXZ sits near the bottom by co-movement, at rank #38. Their recent paths diverged sharply: over the last 12 months TXT outperformed by 16.8 percentage points (+0.7% for TXT 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.
TXT vs VXZ: side by side
| TXT (Textron) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.7% | -16.1% |
| 5-year return | +15.1% | -53.1% |
| Volatility (ann.) | 25.4% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -37.3% | -36.4% |
| Market cap | $14.2B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 0.10% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | TXT | VXZ |
|---|---|---|
| 2022 | -8.2% | +0.5% |
| 2023 | +13.7% | -44.0% |
| 2024 | -4.8% | -12.7% |
| 2025 | +14.1% | +5.7% |
| 2026 | -5.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TXT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between TXT and VXZ?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.33 over the last year and -0.49 over 5 years.
Is VXZ a good diversifier for TXT?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 mean?
A reading of -0.44 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/txt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/txt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TXT correlations · VXZ correlations
