VXZ vs W: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wayfair Inc. (W) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and W?
Across a 3-year window, the weekly returns of VXZ and W correlate at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.40). Stretching to 5 years gives -0.43, with an annualized covariance of -686.8 %².
By 3-year correlation, W places #1920 of the 2840 assets tracked against VXZ. Correlation aside, the last 12 months split them widely, with W ahead by 57.1 points (-16.1% versus +41.0%). One caveat on sizing: W is 2.6 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.
VXZ vs W: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | W (Wayfair Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +41.0% |
| 5-year return | -53.1% | -64.0% |
| Volatility (ann.) | 25.6% | 67.1% |
| Beta vs S&P 500 | -1.31 | 2.50 |
| Max drawdown (3Y) | -36.4% | -67.7% |
| Market cap | – | $14.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | W |
|---|---|---|
| 2022 | +0.5% | -82.7% |
| 2023 | -44.0% | +87.6% |
| 2024 | -12.7% | -28.2% |
| 2025 | +5.7% | +126.6% |
| 2026 | -10.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and W good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and W?
The VXZ/W correlation stands at -0.40 on a 3-year window (1 year: -0.24, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is W a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/vxz-vs-w.json
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[](https://www.pairbook.io/pair/vxz-vs-w/)
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Related comparisons
Hubs: VXZ correlations · W correlations
