VXZ vs WIT: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wipro Limited (WIT) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WIT?
On 3 years of weekly data the VXZ/WIT correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -242.3 %².
Among the 2840 assets we track against VXZ, WIT ranks #854 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VXZ ahead by 19.1 points (-16.1% versus -35.2%).
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 WIT: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WIT (Wipro Limited) | |
|---|---|---|
| 1-year return | -16.1% | -35.2% |
| 5-year return | -53.1% | -58.2% |
| Volatility (ann.) | 25.6% | 32.7% |
| Beta vs S&P 500 | -1.31 | 0.88 |
| Max drawdown (3Y) | -36.4% | -51.2% |
| Market cap | – | $17.8B |
| P/E (trailing) | – | 13.8 |
| Dividend yield | – | 437.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WIT |
|---|---|---|
| 2022 | +0.5% | -51.8% |
| 2023 | -44.0% | +19.8% |
| 2024 | -12.7% | +27.4% |
| 2025 | +5.7% | -16.6% |
| 2026 | -10.5% | -35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WIT good diversifiers for each other?
Yes. With a correlation of -0.29, VXZ and WIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WIT?
The VXZ/WIT correlation stands at -0.29 on a 3-year window (1 year: -0.19, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is WIT a good diversifier for VXZ?
Yes. With a correlation of -0.29, VXZ and WIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-wit.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wit/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · WIT correlations
