TY vs VXZ: Correlation
Measured on weekly returns over the past three years, Tri Continental Corporation (TY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.66, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TY and VXZ?
Over the past 3 years, TY and VXZ moved with a correlation of -0.66, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.54) than the 3-year average (-0.66). Over 5 years the correlation is -0.66, and the annualized covariance of weekly returns is -229.1 %².
Among the 18 assets we track against TY, VXZ sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months TY outperformed by 27.4 percentage points (+11.3% for TY against -16.1% for VXZ). One caveat on sizing: VXZ 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.
TY vs VXZ: side by side
| TY (Tri Continental Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.3% | -16.1% |
| 5-year return | +26.0% | -53.1% |
| Volatility (ann.) | 13.5% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -19.7% | -36.4% |
| Market cap | $1.9B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 3.09% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TY | VXZ |
|---|---|---|
| 2022 | -19.7% | +0.5% |
| 2023 | +17.2% | -44.0% |
| 2024 | +15.0% | -12.7% |
| 2025 | +6.6% | +5.7% |
| 2026 | +12.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.66, TY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TY and VXZ?
As of 2026-08-27, the correlation of weekly returns between TY and VXZ is -0.66 over 3 years, -0.54 over 1 year and -0.66 over 5 years.
Is VXZ a good diversifier for TY?
Yes. With a correlation of -0.66, TY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.66 mean?
On the −1 to +1 scale, -0.66 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/ty-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ty-vs-vxz/)
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Related comparisons
Hubs: TY correlations · VXZ correlations
