SAP vs VXZ: Correlation
Measured on weekly returns over the past three years, SAP SE (SAP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAP and VXZ?
On 3 years of weekly data the SAP/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. The 5-year figure is -0.40, and annualized covariance runs at -284.1 %².
VXZ is close to the least connected end of SAP's tracked universe, ranking #16 of 17. Their 12-month results are close: -18.2% for SAP 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.
SAP vs VXZ: side by side
| SAP (SAP SE) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.2% | -16.1% |
| 5-year return | +60.5% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -52.3% | -36.4% |
| Market cap | $255.3B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 1.18% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAP | VXZ |
|---|---|---|
| 2022 | -24.2% | +0.5% |
| 2023 | +52.3% | -44.0% |
| 2024 | +61.3% | -12.7% |
| 2025 | -0.4% | +5.7% |
| 2026 | -7.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAP and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SAP and VXZ?
As of 2026-08-27, the correlation of weekly returns between SAP and VXZ is -0.38 over 3 years, -0.34 over 1 year and -0.40 over 5 years.
Is VXZ a good diversifier for SAP?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/sap-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sap-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SAP correlations · VXZ correlations
