VXZ vs WAL: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Western Alliance Bancorporation (WAL) show a negative relationship: their 3-year correlation of weekly returns is -0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WAL?
On 3 years of weekly data the VXZ/WAL correlation comes out at -0.57, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.51 lands near the 3-year figure. The 5-year figure is -0.50, and annualized covariance runs at -580.2 %².
Among the 2840 assets we track against VXZ, WAL ranks #2716 by 3-year correlation. Over the last 12 months WAL came out ahead by 6.8 percentage points (-16.1% against -9.3%). Risk is not evenly split, since WAL carries 1.5 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.
VXZ vs WAL: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | -16.1% | -9.3% |
| 5-year return | -53.1% | -9.7% |
| Volatility (ann.) | 25.6% | 39.5% |
| Beta vs S&P 500 | -1.31 | 1.51 |
| Max drawdown (3Y) | -36.4% | -36.0% |
| Market cap | – | $8.6B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | – | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WAL |
|---|---|---|
| 2022 | +0.5% | -43.7% |
| 2023 | -44.0% | +14.1% |
| 2024 | -12.7% | +29.7% |
| 2025 | +5.7% | +2.5% |
| 2026 | -10.5% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WAL good diversifiers for each other?
Yes. With a correlation of -0.57, VXZ and WAL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WAL?
As of 2026-08-27, the correlation of weekly returns between VXZ and WAL is -0.57 over 3 years, -0.51 over 1 year and -0.50 over 5 years.
Is WAL a good diversifier for VXZ?
Yes. With a correlation of -0.57, VXZ and WAL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.57 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-wal.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-wal/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · WAL correlations
