VXZ vs WTTR: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Select Water Solutions, Inc. (WTTR) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WTTR?
Over the past 3 years, VXZ and WTTR moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.38). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -423.9 %².
By 3-year correlation, WTTR places #1747 of the 2840 assets tracked against VXZ. The last year tells two different stories: WTTR led by 156.5 percentage points, -16.1% for VXZ against +140.4% for WTTR. One caveat on sizing: WTTR is 1.7 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 WTTR: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WTTR (Select Water Solutions, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +140.4% |
| 5-year return | -53.1% | +303.0% |
| Volatility (ann.) | 25.6% | 44.1% |
| Beta vs S&P 500 | -1.31 | 0.91 |
| Max drawdown (3Y) | -36.4% | -50.7% |
| Market cap | – | $2.8B |
| P/E (trailing) | – | 69.8 |
| Dividend yield | – | 1.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WTTR |
|---|---|---|
| 2022 | +0.5% | +49.2% |
| 2023 | -44.0% | -15.6% |
| 2024 | -12.7% | +79.2% |
| 2025 | +5.7% | -18.3% |
| 2026 | -10.5% | +88.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WTTR good diversifiers for each other?
Yes. With a correlation of -0.38, VXZ and WTTR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WTTR?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with 0.01 over the last year and -0.33 over 5 years.
Is WTTR a good diversifier for VXZ?
Yes. With a correlation of -0.38, VXZ and WTTR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-wttr.json
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Related comparisons
Hubs: VXZ correlations · WTTR correlations
