VXX vs WWD: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Woodward, Inc. (WWD) show a negative relationship: their 3-year correlation of weekly returns is -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and WWD?
On 3 years of weekly data the VXX/WWD correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.50 over 3 years. The 5-year figure is -0.45, and annualized covariance runs at -1022.9 %².
Within VXX's tracked universe of 2872 assets, WWD comes in at #2563 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WWD ahead by 88.9 points (-49.7% versus +39.2%). Note the risk asymmetry: VXX runs 1.8 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.
VXX vs WWD: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | -49.7% | +39.2% |
| 5-year return | -95.6% | +191.7% |
| Volatility (ann.) | 60.9% | 33.5% |
| Beta vs S&P 500 | -3.31 | 1.09 |
| Max drawdown (3Y) | -83.3% | -23.6% |
| Market cap | – | $20.4B |
| P/E (trailing) | – | 38.5 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | WWD |
|---|---|---|
| 2022 | -23.8% | -11.1% |
| 2023 | -72.5% | +42.0% |
| 2024 | -26.2% | +23.0% |
| 2025 | -42.2% | +82.6% |
| 2026 | -31.6% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and WWD good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and WWD?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.30 over the last year and -0.45 over 5 years.
Is WWD a good diversifier for VXX?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxx-vs-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXX correlations · WWD correlations
