VXZ vs WMG: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Warner Music Group Corp. (WMG) 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 WMG?
Across a 3-year window, the weekly returns of VXZ and WMG correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Stretching to 5 years gives -0.34, with an annualized covariance of -231.1 %².
By 3-year correlation, WMG places #855 of the 2840 assets tracked against VXZ. Their 12-month results are close: -16.1% for VXZ against -14.7% for WMG.
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 WMG: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | -16.1% | -14.7% |
| 5-year return | -53.1% | -16.9% |
| Volatility (ann.) | 25.6% | 30.7% |
| Beta vs S&P 500 | -1.31 | 0.91 |
| Max drawdown (3Y) | -36.4% | -33.1% |
| Market cap | – | $14.7B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | – | 2.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WMG |
|---|---|---|
| 2022 | +0.5% | -17.2% |
| 2023 | -44.0% | +4.4% |
| 2024 | -12.7% | -11.5% |
| 2025 | +5.7% | +1.4% |
| 2026 | -10.5% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WMG good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and WMG?
The VXZ/WMG correlation stands at -0.29 on a 3-year window (1 year: -0.26, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is WMG a good diversifier for VXZ?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-wmg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vxz-vs-wmg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · WMG correlations
