VXZ vs WAFD: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and WaFd, Inc. (WAFD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WAFD?
On 3 years of weekly data the VXZ/WAFD correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.44). The 5-year figure is -0.42, and annualized covariance runs at -322.4 %².
Within VXZ's tracked universe of 2840 assets, WAFD comes in at #2211 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WAFD ahead by 33.0 points (-16.1% versus +16.9%).
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 WAFD: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WAFD (WaFd, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +16.9% |
| 5-year return | -53.1% | +28.1% |
| Volatility (ann.) | 25.6% | 28.8% |
| Beta vs S&P 500 | -1.31 | 0.70 |
| Max drawdown (3Y) | -36.4% | -34.6% |
| Market cap | – | $2.7B |
| P/E (trailing) | – | 11.4 |
| Dividend yield | – | 2.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WAFD |
|---|---|---|
| 2022 | +0.5% | +3.4% |
| 2023 | -44.0% | +1.7% |
| 2024 | -12.7% | +1.1% |
| 2025 | +5.7% | +3.0% |
| 2026 | -10.5% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WAFD good diversifiers for each other?
Yes. With a correlation of -0.44, VXZ and WAFD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WAFD?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.29 over the last year and -0.42 over 5 years.
Is WAFD a good diversifier for VXZ?
Yes. With a correlation of -0.44, VXZ and WAFD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 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/vxz-vs-wafd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wafd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · WAFD correlations
