VXZ vs WHD: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Cactus, Inc. (WHD) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WHD?
On 3 years of weekly data the VXZ/WHD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.33). The 5-year figure is -0.36, and annualized covariance runs at -348.9 %².
Among the 2840 assets we track against VXZ, WHD ranks #1283 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WHD ahead by 82.2 points (-16.1% versus +66.1%). One caveat on sizing: WHD is 1.6 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 WHD: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WHD (Cactus, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +66.1% |
| 5-year return | -53.1% | +89.5% |
| Volatility (ann.) | 25.6% | 41.2% |
| Beta vs S&P 500 | -1.31 | 1.11 |
| Max drawdown (3Y) | -36.4% | -51.4% |
| Market cap | – | $4.8B |
| P/E (trailing) | – | 55.7 |
| Dividend yield | – | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WHD |
|---|---|---|
| 2022 | +0.5% | +33.0% |
| 2023 | -44.0% | -8.7% |
| 2024 | -12.7% | +29.7% |
| 2025 | +5.7% | -20.8% |
| 2026 | -10.5% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WHD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WHD?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.19 over the last year and -0.36 over 5 years.
Is WHD a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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.
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Related comparisons
Hubs: VXZ correlations · WHD correlations
