VXZ vs WULF: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and TeraWulf Inc. (WULF) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WULF?
Over the past 3 years, VXZ and WULF moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -723.8 %².
By 3-year correlation, WULF places #661 of the 2840 assets tracked against VXZ. The last year tells two different stories: WULF led by 96.7 percentage points, -16.1% for VXZ against +80.6% for WULF. Risk is not evenly split, since WULF carries 4.1 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 WULF: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WULF (TeraWulf Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +80.6% |
| 5-year return | -53.1% | -32.7% |
| Volatility (ann.) | 25.6% | 105.8% |
| Beta vs S&P 500 | -1.31 | 2.76 |
| Max drawdown (3Y) | -36.4% | -74.6% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WULF |
|---|---|---|
| 2022 | +0.5% | -95.5% |
| 2023 | -44.0% | +258.2% |
| 2024 | -12.7% | +135.8% |
| 2025 | +5.7% | +103.0% |
| 2026 | -10.5% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WULF good diversifiers for each other?
Yes. With a correlation of -0.27, VXZ and WULF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WULF?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.28 over the last year and -0.27 over 5 years.
Is WULF a good diversifier for VXZ?
Yes. With a correlation of -0.27, VXZ and WULF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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 · WULF correlations
