VXZ vs WDAY: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Workday, Inc. (WDAY) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WDAY?
On 3 years of weekly data the VXZ/WDAY correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.30). The 5-year figure is -0.32, and annualized covariance runs at -308.0 %².
By 3-year correlation, WDAY places #963 of the 2840 assets tracked against VXZ. Their 12-month results are close: -16.1% for VXZ against -15.7% for WDAY. Note the risk asymmetry: WDAY runs 1.6 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 WDAY: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -15.7% |
| 5-year return | -53.1% | -28.7% |
| Volatility (ann.) | 25.6% | 40.0% |
| Beta vs S&P 500 | -1.31 | 1.09 |
| Max drawdown (3Y) | -36.4% | -63.4% |
| Market cap | – | $47.8B |
| P/E (trailing) | – | 59.6 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | VXZ | WDAY |
|---|---|---|
| 2022 | +0.5% | -38.7% |
| 2023 | -44.0% | +65.0% |
| 2024 | -12.7% | -6.5% |
| 2025 | +5.7% | -16.8% |
| 2026 | -10.5% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WDAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WDAY?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.13 over the last year and -0.32 over 5 years.
Is WDAY a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WDAY correlations
