VXZ vs WWD: Correlation
Measured on weekly returns over the past three years, iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Woodward, Inc. (WWD) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and WWD?
Over the past 3 years, VXZ and WWD moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.38 versus -0.51 over 3 years. Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -432.6 %².
Among the 2840 assets we track against VXZ, WWD ranks #2560 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WWD ahead by 55.3 points (-16.1% versus +39.2%).
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 WWD: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | +39.2% |
| 5-year return | -53.1% | +191.7% |
| Volatility (ann.) | 25.6% | 33.5% |
| Beta vs S&P 500 | -1.31 | 1.09 |
| Max drawdown (3Y) | -36.4% | -23.6% |
| Market cap | – | $20.4B |
| P/E (trailing) | – | 38.5 |
| Dividend yield | – | 0.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WWD |
|---|---|---|
| 2022 | +0.5% | -11.1% |
| 2023 | -44.0% | +42.0% |
| 2024 | -12.7% | +23.0% |
| 2025 | +5.7% | +82.6% |
| 2026 | -10.5% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WWD good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VXZ and WWD?
As of 2026-08-27, the correlation of weekly returns between VXZ and WWD is -0.51 over 3 years, -0.38 over 1 year and -0.50 over 5 years.
Is WWD a good diversifier for VXZ?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
A reading of -0.51 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-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · WWD correlations
