VXZ vs WNC: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wabash National Corporation (WNC) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WNC?
On 3 years of weekly data the VXZ/WNC correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -340.2 %².
Within VXZ's tracked universe of 2840 assets, WNC comes in at #660 by 3-year correlation. The last year tells two different stories: WNC led by 35.1 percentage points, -16.1% for VXZ against +19.0% for WNC. One caveat on sizing: WNC is 1.9 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 WNC: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WNC (Wabash National Corporation) | |
|---|---|---|
| 1-year return | -16.1% | +19.0% |
| 5-year return | -53.1% | -6.2% |
| Volatility (ann.) | 25.6% | 49.9% |
| Beta vs S&P 500 | -1.31 | 0.70 |
| Max drawdown (3Y) | -36.4% | -76.4% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | – | 2.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WNC |
|---|---|---|
| 2022 | +0.5% | +18.2% |
| 2023 | -44.0% | +14.9% |
| 2024 | -12.7% | -32.2% |
| 2025 | +5.7% | -48.1% |
| 2026 | -10.5% | +56.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WNC good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WNC?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.33 over the last year and -0.32 over 5 years.
Is WNC a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 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-wnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-wnc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WNC correlations
