VXZ vs WMS: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Advanced Drainage Systems, Inc. (WMS) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WMS?
Over the past 3 years, VXZ and WMS moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.45 lands near the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -372.1 %².
By 3-year correlation, WMS places #1837 of the 2840 assets tracked against VXZ. Over the last 12 months WMS came out ahead by 11.7 percentage points (-16.1% against -4.4%).
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 WMS: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WMS (Advanced Drainage Systems, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -4.4% |
| 5-year return | -53.1% | +22.1% |
| Volatility (ann.) | 25.6% | 37.1% |
| Beta vs S&P 500 | -1.31 | 1.31 |
| Max drawdown (3Y) | -36.4% | -45.8% |
| Market cap | – | $10.5B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | – | 0.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WMS |
|---|---|---|
| 2022 | +0.5% | -39.5% |
| 2023 | -44.0% | +72.4% |
| 2024 | -12.7% | -17.5% |
| 2025 | +5.7% | +26.0% |
| 2026 | -10.5% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WMS good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WMS?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.45 over the last year and -0.38 over 5 years.
Is WMS a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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-wms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wms/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · WMS correlations
