VXZ vs WAB: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wabtec (WAB) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WAB?
Across a 3-year window, the weekly returns of VXZ and WAB correlate at -0.54, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.54). Stretching to 5 years gives -0.58, with an annualized covariance of -349.0 %².
By 3-year correlation, WAB places #2648 of the 2840 assets tracked against VXZ. Their recent paths diverged sharply: over the last 12 months WAB outperformed by 69.0 percentage points (-16.1% for VXZ against +52.9% for WAB).
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 WAB: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WAB (Wabtec) | |
|---|---|---|
| 1-year return | -16.1% | +52.9% |
| 5-year return | -53.1% | +241.0% |
| Volatility (ann.) | 25.6% | 25.3% |
| Beta vs S&P 500 | -1.31 | 0.99 |
| Max drawdown (3Y) | -36.4% | -23.6% |
| Market cap | – | $50.2B |
| P/E (trailing) | – | 40.5 |
| Dividend yield | – | 0.37% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | VXZ | WAB |
|---|---|---|
| 2022 | +0.5% | +9.1% |
| 2023 | -44.0% | +28.0% |
| 2024 | -12.7% | +50.1% |
| 2025 | +5.7% | +13.2% |
| 2026 | -10.5% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WAB good diversifiers for each other?
Yes. With a correlation of -0.54, VXZ and WAB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WAB?
As of 2026-08-27, the correlation of weekly returns between VXZ and WAB is -0.54 over 3 years, -0.30 over 1 year and -0.58 over 5 years.
Is WAB a good diversifier for VXZ?
Yes. With a correlation of -0.54, VXZ and WAB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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-wab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WAB correlations
