SAIA vs VXZ: Correlation
Saia, Inc. (SAIA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAIA and VXZ?
On 3 years of weekly data the SAIA/VXZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.23 over 3. The 5-year figure is -0.32, and annualized covariance runs at -300.0 %².
VXZ is close to the least connected end of SAIA's tracked universe, ranking #10 of 12. The last year tells two different stories: SAIA led by 32.7 percentage points, +16.6% for SAIA against -16.1% for VXZ. Risk is not evenly split, since SAIA carries 2.0 times the volatility of the other side.
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.
SAIA vs VXZ: side by side
| SAIA (Saia, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.6% | -16.1% |
| 5-year return | +44.1% | -53.1% |
| Volatility (ann.) | 50.1% | 25.6% |
| Beta vs S&P 500 | 1.25 | -1.31 |
| Max drawdown (3Y) | -60.9% | -36.4% |
| Market cap | $9.4B | – |
| P/E (trailing) | 33.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAIA | VXZ |
|---|---|---|
| 2022 | -37.8% | +0.5% |
| 2023 | +109.0% | -44.0% |
| 2024 | +4.0% | -12.7% |
| 2025 | -28.4% | +5.7% |
| 2026 | +8.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAIA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between SAIA and VXZ?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.26 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for SAIA?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/saia-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/saia-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SAIA correlations · VXZ correlations
