VXZ vs WK: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Workiva Inc. (WK) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WK?
Over the past 3 years, VXZ and WK moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -307.7 %².
Within VXZ's tracked universe of 2840 assets, WK comes in at #967 by 3-year correlation. Over the last 12 months WK came out ahead by 12.7 percentage points (-16.1% against -3.4%). Risk is not evenly split, since WK carries 1.6 times the volatility of the other side.
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 WK: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WK (Workiva Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -3.4% |
| 5-year return | -53.1% | -46.1% |
| Volatility (ann.) | 25.6% | 40.0% |
| Beta vs S&P 500 | -1.31 | 0.72 |
| Max drawdown (3Y) | -36.4% | -61.4% |
| Market cap | – | $4.2B |
| P/E (trailing) | – | 92.4 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WK |
|---|---|---|
| 2022 | +0.5% | -35.7% |
| 2023 | -44.0% | +20.9% |
| 2024 | -12.7% | +7.8% |
| 2025 | +5.7% | -21.2% |
| 2026 | -10.5% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WK good diversifiers for each other?
Yes. With a correlation of -0.30, VXZ and WK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WK?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.20 over the last year and -0.33 over 5 years.
Is WK a good diversifier for VXZ?
Yes. With a correlation of -0.30, VXZ and WK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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
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Related comparisons
Hubs: VXZ correlations · WK correlations
