Treeing Walkers and Running Walkers descend from the same breeding stock over a century ago. The treeing Walkers were selectively bred for their ability to run game up trees, typically raccoons, but also bobcats, bears and mountain lions. The running Walkers are bred to chase game that doesn't climb trees for refuge. Treeing Walkers are coonhounds and running walkers foxhounds. Your hound is more typical of foxhound coloring and behavior.
You may want to get a tracking collar for him so you can find him again when he gets out of hearing. While foxes and coyotes typically stay in their home ranges and run in large circles, occasionally they take off in a straight line for long distances. Sounds like you're enjoying him. How did you come to own him?