VXZ vs WST: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and West Pharmaceutical Services (WST) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WST?
Across a 3-year window, the weekly returns of VXZ and WST correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -231.1 %².
By 3-year correlation, WST places #231 of the 2840 assets tracked against VXZ. Correlation aside, the last 12 months split them widely, with WST ahead by 57.2 points (-16.1% versus +41.1%). Note the risk asymmetry: WST runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WST: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WST (West Pharmaceutical Services) | |
|---|---|---|
| 1-year return | -16.1% | +41.1% |
| 5-year return | -53.1% | -22.4% |
| Volatility (ann.) | 25.6% | 38.6% |
| Beta vs S&P 500 | -1.31 | 0.86 |
| Max drawdown (3Y) | -36.4% | -53.8% |
| Market cap | – | $24.4B |
| P/E (trailing) | – | 44.8 |
| Dividend yield | – | 0.25% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | VXZ | WST |
|---|---|---|
| 2022 | +0.5% | -49.7% |
| 2023 | -44.0% | +50.0% |
| 2024 | -12.7% | -6.8% |
| 2025 | +5.7% | -15.7% |
| 2026 | -10.5% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WST good diversifiers for each other?
Yes. With a correlation of -0.23, VXZ and WST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WST?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.29 over the last year and -0.29 over 5 years.
Is WST a good diversifier for VXZ?
Yes. With a correlation of -0.23, VXZ and WST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-wst.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wst/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: VXZ correlations · WST correlations
