VXZ vs WAT: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WAT?
Across a 3-year window, the weekly returns of VXZ and WAT correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -238.2 %².
Among the 2840 assets we track against VXZ, WAT ranks #548 by 3-year correlation. The last year tells two different stories: WAT led by 59.1 percentage points, -16.1% for VXZ against +43.0% for WAT.
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 WAT: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | -16.1% | +43.0% |
| 5-year return | -53.1% | +2.0% |
| Volatility (ann.) | 25.6% | 35.3% |
| Beta vs S&P 500 | -1.31 | 0.89 |
| Max drawdown (3Y) | -36.4% | -33.4% |
| Market cap | – | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | VXZ | WAT |
|---|---|---|
| 2022 | +0.5% | -8.1% |
| 2023 | -44.0% | -3.9% |
| 2024 | -12.7% | +12.7% |
| 2025 | +5.7% | +2.4% |
| 2026 | -10.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WAT good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WAT?
The VXZ/WAT correlation stands at -0.26 on a 3-year window (1 year: -0.34, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: VXZ correlations · WAT correlations
