VXZ vs WSC: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and WillScot Holdings Corporation (WSC) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WSC?
On 3 years of weekly data the VXZ/WSC correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.27) runs above the 3-year figure (-0.41). The 5-year figure is -0.42, and annualized covariance runs at -478.2 %².
Among the 2840 assets we track against VXZ, WSC ranks #2014 by 3-year correlation. Twelve-month performance is nearly a tie, at -16.1% for VXZ and -14.9% for WSC. One caveat on sizing: WSC is 1.8 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 WSC: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WSC (WillScot Holdings Corporation) | |
|---|---|---|
| 1-year return | -16.1% | -14.9% |
| 5-year return | -53.1% | -27.7% |
| Volatility (ann.) | 25.6% | 45.9% |
| Beta vs S&P 500 | -1.31 | 1.72 |
| Max drawdown (3Y) | -36.4% | -70.7% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | – |
| Dividend yield | – | 1.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WSC |
|---|---|---|
| 2022 | +0.5% | +10.6% |
| 2023 | -44.0% | -1.5% |
| 2024 | -12.7% | -24.8% |
| 2025 | +5.7% | -43.1% |
| 2026 | -10.5% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WSC good diversifiers for each other?
Yes. With a correlation of -0.41, VXZ and WSC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WSC?
The VXZ/WSC correlation stands at -0.41 on a 3-year window (1 year: -0.27, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is WSC a good diversifier for VXZ?
Yes. With a correlation of -0.41, VXZ and WSC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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.
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Related comparisons
Hubs: VXZ correlations · WSC correlations
