SAN vs VXZ: Correlation
Measured on weekly returns over the past three years, Banco Santander, S.A. Sponsored ADR (Spain) (SAN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAN and VXZ?
Across a 3-year window, the weekly returns of SAN and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.64) runs below the 3-year figure (-0.45). Stretching to 5 years gives -0.50, with an annualized covariance of -338.7 %².
Out of 11 assets tracked against SAN, VXZ lands near the bottom at #10. The last year tells two different stories: SAN led by 73.3 percentage points, +57.2% for SAN 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.
SAN vs VXZ: side by side
| SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.2% | -16.1% |
| 5-year return | +366.8% | -53.1% |
| Volatility (ann.) | 29.2% | 25.6% |
| Beta vs S&P 500 | 1.01 | -1.31 |
| Max drawdown (3Y) | -20.3% | -36.4% |
| Market cap | $211.5B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.85% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAN | VXZ |
|---|---|---|
| 2022 | -6.6% | +0.5% |
| 2023 | +46.2% | -44.0% |
| 2024 | +15.1% | -12.7% |
| 2025 | +161.6% | +5.7% |
| 2026 | +25.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between SAN and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.64 over the last year and -0.50 over 5 years.
Is VXZ a good diversifier for SAN?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 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/san-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/san-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SAN correlations · VXZ correlations
