VXZ vs WWW: Correlation
How closely do iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Wolverine World Wide, Inc. (WWW) 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 WWW?
Across a 3-year window, the weekly returns of VXZ and WWW correlate at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -559.7 %².
Within VXZ's tracked universe of 2840 assets, WWW comes in at #1748 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 20.3 percentage points (-16.1% for VXZ against -36.4% for WWW). Note the risk asymmetry: WWW runs 2.2 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 WWW: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | WWW (Wolverine World Wide, Inc.) | |
|---|---|---|
| 1-year return | -16.1% | -36.4% |
| 5-year return | -53.1% | -38.6% |
| Volatility (ann.) | 25.6% | 57.1% |
| Beta vs S&P 500 | -1.31 | 1.60 |
| Max drawdown (3Y) | -36.4% | -58.0% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | 15.7 |
| Dividend yield | – | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | WWW |
|---|---|---|
| 2022 | +0.5% | -61.1% |
| 2023 | -44.0% | -15.6% |
| 2024 | -12.7% | +155.3% |
| 2025 | +5.7% | -16.5% |
| 2026 | -10.5% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and WWW good diversifiers for each other?
Yes. With a correlation of -0.38, VXZ and WWW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and WWW?
As of 2026-08-27, the correlation of weekly returns between VXZ and WWW is -0.38 over 3 years, -0.32 over 1 year and -0.39 over 5 years.
Is WWW a good diversifier for VXZ?
Yes. With a correlation of -0.38, VXZ and WWW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-www.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/vxz-vs-www/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VXZ correlations · WWW correlations
