VXZ vs ZWS: Correlation
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and Zurn Elkay Water Solutions Corporation (ZWS) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VXZ and ZWS?
Across a 3-year window, the weekly returns of VXZ and ZWS correlate at -0.47, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.47). Stretching to 5 years gives -0.46, with an annualized covariance of -335.2 %².
Among the 2840 assets we track against VXZ, ZWS ranks #2398 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZWS ahead by 21.4 points (-16.1% versus +5.3%).
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 ZWS: side by side
| VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | -16.1% | +5.3% |
| 5-year return | -53.1% | +71.6% |
| Volatility (ann.) | 25.6% | 27.7% |
| Beta vs S&P 500 | -1.31 | 0.89 |
| Max drawdown (3Y) | -36.4% | -30.2% |
| Market cap | – | $8.1B |
| P/E (trailing) | – | 30.5 |
| Dividend yield | – | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VXZ | ZWS |
|---|---|---|
| 2022 | +0.5% | -41.5% |
| 2023 | -44.0% | +40.6% |
| 2024 | -12.7% | +28.1% |
| 2025 | +5.7% | +25.8% |
| 2026 | -10.5% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VXZ and ZWS good diversifiers for each other?
Yes. With a correlation of -0.47, VXZ and ZWS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VXZ and ZWS?
The VXZ/ZWS correlation stands at -0.47 on a 3-year window (1 year: -0.26, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is ZWS a good diversifier for VXZ?
Yes. With a correlation of -0.47, VXZ and ZWS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vxz-vs-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vxz-vs-zws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VXZ correlations · ZWS correlations
