VXZ vs WEN: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wendy's Company (The) (WEN) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WEN?
On 3 years of weekly data the VXZ/WEN correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.30, and annualized covariance runs at -178.3 %².
Within VXZ's tracked universe of 2840 assets, WEN comes in at #162 by 3-year correlation. Neither side won the trailing year by much: -16.1% against -20.1%.
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 WEN: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WEN (Wendy's Company (The)) | |
|---|---|---|
| 1-year return | -16.1% | -20.1% |
| 5-year return | -53.1% | -56.6% |
| Volatility (ann.) | 25.6% | 31.4% |
| Beta vs S&P 500 | -1.31 | 0.40 |
| Max drawdown (3Y) | -36.4% | -66.3% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 11.8 |
| Dividend yield | – | 6.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WEN |
|---|---|---|
| 2022 | +0.5% | -2.8% |
| 2023 | -44.0% | -9.7% |
| 2024 | -12.7% | -11.4% |
| 2025 | +5.7% | -45.8% |
| 2026 | -10.5% | -2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WEN good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and WEN?
As of 2026-08-27, the correlation of weekly returns between VXZ and WEN is -0.22 over 3 years, -0.26 over 1 year and -0.30 over 5 years.
Is WEN a good diversifier for VXZ?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-wen.json
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[](https://www.pairbook.io/pair/vxz-vs-wen/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · WEN correlations
