VXZ vs WBD: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Warner Bros. Discovery (WBD) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WBD?
On 3 years of weekly data the VXZ/WBD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -476.9 %².
By 3-year correlation, WBD places #1368 of the 2840 assets tracked against VXZ. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 153.8 percentage points (-16.1% for VXZ against +137.7% for WBD). Note the risk asymmetry: WBD runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WBD: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -16.1% | +137.7% |
| 5-year return | -53.1% | +3.7% |
| Volatility (ann.) | 25.6% | 54.7% |
| Beta vs S&P 500 | -1.31 | 1.19 |
| Max drawdown (3Y) | -36.4% | -48.9% |
| Market cap | – | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | VXZ | WBD |
|---|---|---|
| 2022 | +0.5% | -59.7% |
| 2023 | -44.0% | +20.0% |
| 2024 | -12.7% | -7.1% |
| 2025 | +5.7% | +172.7% |
| 2026 | -10.5% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WBD good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WBD?
As of 2026-08-27, the correlation of weekly returns between VXZ and WBD is -0.34 over 3 years, -0.26 over 1 year and -0.34 over 5 years.
Is WBD a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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-wbd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-wbd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WBD correlations
