VXZ vs WGO: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Winnebago Industries, Inc. (WGO) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WGO?
Across a 3-year window, the weekly returns of VXZ and WGO correlate at -0.42, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.49) sits close to the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -468.3 %².
By 3-year correlation, WGO places #2083 of the 2840 assets tracked against VXZ. Neither side won the trailing year by much: -16.1% against -13.3%. Note the risk asymmetry: WGO runs 1.7 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 WGO: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WGO (Winnebago Industries, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -13.3% |
| 5-year return | -53.1% | -52.5% |
| Volatility (ann.) | 25.6% | 43.3% |
| Beta vs S&P 500 | -1.31 | 1.09 |
| Max drawdown (3Y) | -36.4% | -60.5% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | 22.3 |
| Dividend yield | – | 4.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WGO |
|---|---|---|
| 2022 | +0.5% | -28.7% |
| 2023 | -44.0% | +40.9% |
| 2024 | -12.7% | -33.1% |
| 2025 | +5.7% | -11.9% |
| 2026 | -10.5% | -22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WGO good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and WGO?
The VXZ/WGO correlation stands at -0.42 on a 3-year window (1 year: -0.49, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is WGO a good diversifier for VXZ?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 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-wgo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-wgo/)
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Related comparisons
Hubs: VXZ correlations · WGO correlations
