VXZ vs WRAP: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wrap Technologies, Inc. (WRAP) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WRAP?
Over the past 3 years, VXZ and WRAP moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.26). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -697.1 %².
Among the 2840 assets we track against VXZ, WRAP ranks #551 by 3-year correlation. The last year tells two different stories: WRAP led by 46.4 percentage points, -16.1% for VXZ against +30.3% for WRAP. One caveat on sizing: WRAP is 4.1 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 WRAP: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WRAP (Wrap Technologies, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +30.3% |
| 5-year return | -53.1% | -77.2% |
| Volatility (ann.) | 25.6% | 106.0% |
| Beta vs S&P 500 | -1.31 | 2.11 |
| Max drawdown (3Y) | -36.4% | -76.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WRAP |
|---|---|---|
| 2022 | +0.5% | -57.0% |
| 2023 | -44.0% | +83.4% |
| 2024 | -12.7% | -31.6% |
| 2025 | +5.7% | +12.3% |
| 2026 | -10.5% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WRAP good diversifiers for each other?
Yes. With a correlation of -0.26, VXZ and WRAP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WRAP?
The VXZ/WRAP correlation stands at -0.26 on a 3-year window (1 year: -0.14, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is WRAP a good diversifier for VXZ?
Yes. With a correlation of -0.26, VXZ and WRAP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-wrap.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-wrap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WRAP correlations
