VXZ vs WTBA: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and West Bancorporation (WTBA) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WTBA?
Over the past 3 years, VXZ and WTBA moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.44). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -339.4 %².
Among the 2840 assets we track against VXZ, WTBA ranks #2215 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WTBA outperformed by 64.0 percentage points (-16.1% for VXZ against +47.9% for WTBA).
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 WTBA: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WTBA (West Bancorporation) | |
|---|---|---|
| 1-year return | -16.1% | +47.9% |
| 5-year return | -53.1% | +16.8% |
| Volatility (ann.) | 25.6% | 30.5% |
| Beta vs S&P 500 | -1.31 | 0.75 |
| Max drawdown (3Y) | -36.4% | -26.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | – | 3.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WTBA |
|---|---|---|
| 2022 | +0.5% | -14.4% |
| 2023 | -44.0% | -12.4% |
| 2024 | -12.7% | +7.7% |
| 2025 | +5.7% | +7.7% |
| 2026 | -10.5% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WTBA good diversifiers for each other?
Yes. With a correlation of -0.44, VXZ and WTBA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WTBA?
The VXZ/WTBA correlation stands at -0.44 on a 3-year window (1 year: -0.30, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is WTBA a good diversifier for VXZ?
Yes. With a correlation of -0.44, VXZ and WTBA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: VXZ correlations · WTBA correlations
