VXZ vs WLK: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Westlake Corporation (WLK) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WLK?
On 3 years of weekly data the VXZ/WLK correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -328.9 %².
Within VXZ's tracked universe of 2840 assets, WLK comes in at #1284 by 3-year correlation. Their 12-month results are close: -16.1% for VXZ against -11.8% for WLK. One caveat on sizing: WLK is 1.5 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 WLK: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WLK (Westlake Corporation) | |
|---|---|---|
| 1-year return | -16.1% | -11.8% |
| 5-year return | -53.1% | -8.0% |
| Volatility (ann.) | 25.6% | 39.0% |
| Beta vs S&P 500 | -1.31 | 0.82 |
| Max drawdown (3Y) | -36.4% | -64.2% |
| Market cap | – | $9.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 2.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WLK |
|---|---|---|
| 2022 | +0.5% | +6.8% |
| 2023 | -44.0% | +38.4% |
| 2024 | -12.7% | -16.9% |
| 2025 | +5.7% | -33.8% |
| 2026 | -10.5% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WLK 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 WLK?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.23 over the last year and -0.36 over 5 years.
Is WLK 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?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-wlk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · WLK correlations
