VXZ vs WS: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Worthington Steel, Inc. (WS) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WS?
Across a 3-year window, the weekly returns of VXZ and WS correlate at -0.43, 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. Stretching to 5 years gives n/a, with an annualized covariance of -546.4 %².
By 3-year correlation, WS places #2148 of the 2840 assets tracked against VXZ. The last year tells two different stories: WS led by 20.9 percentage points, -16.1% for VXZ against +4.8% for WS. Risk is not evenly split, since WS carries 2.0 times the volatility of the other side.
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 WS: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WS (Worthington Steel, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +4.8% |
| 5-year return | -53.1% | n/a |
| Volatility (ann.) | 25.6% | 51.2% |
| Beta vs S&P 500 | -1.31 | 1.67 |
| Max drawdown (3Y) | -36.4% | -51.0% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 201.9 |
| Dividend yield | – | 1.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WS |
|---|---|---|
| 2022 | +0.5% | – |
| 2023 | -44.0% | – |
| 2024 | -12.7% | +15.4% |
| 2025 | +5.7% | +11.2% |
| 2026 | -10.5% | -0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WS good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between VXZ and WS?
As of 2026-08-27, the correlation of weekly returns between VXZ and WS is -0.43 over 3 years, -0.33 over 1 year and n/a over 5 years.
Is WS a good diversifier for VXZ?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 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-ws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-ws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · WS correlations
