VXZ vs WING: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wingstop Inc. (WING) 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 WING?
Across a 3-year window, the weekly returns of VXZ and WING correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.30 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -420.4 %².
Among the 2840 assets we track against VXZ, WING ranks #966 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 51.2 percentage points (-16.1% for VXZ against -67.3% for WING). Note the risk asymmetry: WING runs 2.2 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 WING: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -67.3% |
| 5-year return | -53.1% | -31.4% |
| Volatility (ann.) | 25.6% | 55.1% |
| Beta vs S&P 500 | -1.31 | 1.29 |
| Max drawdown (3Y) | -36.4% | -74.0% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 26.5 |
| Dividend yield | – | 1.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WING |
|---|---|---|
| 2022 | +0.5% | -17.1% |
| 2023 | -44.0% | +87.3% |
| 2024 | -12.7% | +11.1% |
| 2025 | +5.7% | -15.7% |
| 2026 | -10.5% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WING good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and WING?
The VXZ/WING correlation stands at -0.30 on a 3-year window (1 year: -0.42, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is WING a good diversifier for VXZ?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
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-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WING correlations
