VXZ vs WD: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Walker & Dunlop, Inc (WD) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WD?
Across a 3-year window, the weekly returns of VXZ and WD correlate at -0.44, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.32) than the 3-year average (-0.44). Stretching to 5 years gives -0.49, with an annualized covariance of -430.8 %².
Among the 2840 assets we track against VXZ, WD ranks #2212 by 3-year correlation. The last year tells two different stories: VXZ led by 34.9 percentage points, -16.1% for VXZ against -51.0% for WD. One caveat on sizing: WD is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WD: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WD (Walker & Dunlop, Inc) | |
|---|---|---|
| 1-year return | -16.1% | -51.0% |
| 5-year return | -53.1% | -53.5% |
| Volatility (ann.) | 25.6% | 38.5% |
| Beta vs S&P 500 | -1.31 | 1.12 |
| Max drawdown (3Y) | -36.4% | -63.4% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 36.0 |
| Dividend yield | – | 6.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WD |
|---|---|---|
| 2022 | +0.5% | -46.8% |
| 2023 | -44.0% | +46.0% |
| 2024 | -12.7% | -10.1% |
| 2025 | +5.7% | -35.9% |
| 2026 | -10.5% | -29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WD good diversifiers for each other?
Yes. With a correlation of -0.44, VXZ and WD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WD?
As of 2026-08-27, the correlation of weekly returns between VXZ and WD is -0.44 over 3 years, -0.32 over 1 year and -0.49 over 5 years.
Is WD a good diversifier for VXZ?
Yes. With a correlation of -0.44, VXZ and WD 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-wd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WD correlations
