VXZ vs WIA: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Western Asset Inflation-Linked Income Fund (WIA) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WIA?
Across a 3-year window, the weekly returns of VXZ and WIA correlate at -0.42, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.49 lands near the 3-year figure. Stretching to 5 years gives -0.37, with an annualized covariance of -78.6 %².
By 3-year correlation, WIA places #2084 of the 2840 assets tracked against VXZ. Their recent paths diverged sharply: over the last 12 months WIA outperformed by 18.2 percentage points (-16.1% for VXZ against +2.1% for WIA). Note the risk asymmetry: VXZ runs 3.6 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 WIA: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WIA (Western Asset Inflation-Linked Income Fund) | |
|---|---|---|
| 1-year return | -16.1% | +2.1% |
| 5-year return | -53.1% | -3.9% |
| Volatility (ann.) | 25.6% | 7.2% |
| Beta vs S&P 500 | -1.31 | 0.20 |
| Max drawdown (3Y) | -36.4% | -6.4% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 14.0 |
| Dividend yield | – | 7.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WIA |
|---|---|---|
| 2022 | +0.5% | -25.8% |
| 2023 | -44.0% | +5.0% |
| 2024 | -12.7% | +6.1% |
| 2025 | +5.7% | +11.4% |
| 2026 | -10.5% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WIA good diversifiers for each other?
Yes. With a correlation of -0.42, VXZ and WIA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WIA?
The VXZ/WIA correlation stands at -0.42 on a 3-year window (1 year: -0.49, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is WIA a good diversifier for VXZ?
Yes. With a correlation of -0.42, VXZ and WIA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
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Related comparisons
Hubs: VXZ correlations · WIA correlations
