VXX vs ZWS: Correlation
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Zurn Elkay Water Solutions Corporation (ZWS) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXX and ZWS?
On 3 years of weekly data the VXX/ZWS correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.21 versus -0.45 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -760.2 %².
Within VXX's tracked universe of 2872 assets, ZWS comes in at #2300 by 3-year correlation. The last year tells two different stories: ZWS led by 55.0 percentage points, -49.7% for VXX against +5.3% for ZWS. Risk is not evenly split, since VXX carries 2.2 times the volatility of the other side.
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 ZWS: side by side
| VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | -49.7% | +5.3% |
| 5-year return | -95.6% | +71.6% |
| Volatility (ann.) | 60.9% | 27.7% |
| Beta vs S&P 500 | -3.31 | 0.89 |
| Max drawdown (3Y) | -83.3% | -30.2% |
| Market cap | – | $8.1B |
| P/E (trailing) | – | 30.5 |
| Dividend yield | 0.00% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXX | ZWS |
|---|---|---|
| 2022 | -23.8% | -41.5% |
| 2023 | -72.5% | +40.6% |
| 2024 | -26.2% | +28.1% |
| 2025 | -42.2% | +25.8% |
| 2026 | -31.6% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXX and ZWS good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXX and ZWS?
As of 2026-08-27, the correlation of weekly returns between VXX and ZWS is -0.45 over 3 years, -0.21 over 1 year and -0.41 over 5 years.
Is ZWS a good diversifier for VXX?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 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-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxx-vs-zws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXX correlations · ZWS correlations
