SAFE vs VXZ: Correlation
Measured on weekly returns over the past three years, Safehold Inc. New (SAFE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAFE and VXZ?
On 3 years of weekly data the SAFE/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. The 5-year figure is -0.35, and annualized covariance runs at -348.6 %².
Among the 13 assets we track against SAFE, VXZ sits near the bottom by co-movement, at rank #13. The last year tells two different stories: SAFE led by 16.0 percentage points, -0.1% for SAFE against -16.1% for VXZ.
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.
SAFE vs VXZ: side by side
| SAFE (Safehold Inc. New) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.1% | -16.1% |
| 5-year return | -85.5% | -53.1% |
| Volatility (ann.) | 36.8% | 25.6% |
| Beta vs S&P 500 | 0.66 | -1.31 |
| Max drawdown (3Y) | -51.9% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 4.61% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAFE | VXZ |
|---|---|---|
| 2022 | -61.0% | +0.5% |
| 2023 | -48.4% | -44.0% |
| 2024 | -18.2% | -12.7% |
| 2025 | -22.5% | +5.7% |
| 2026 | +14.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAFE and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SAFE and VXZ?
As of 2026-08-27, the correlation of weekly returns between SAFE and VXZ is -0.37 over 3 years, -0.40 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for SAFE?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/safe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/safe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SAFE correlations · VXZ correlations
