SB vs VXZ: Correlation
How closely do Safe Bulkers, Inc (SB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SB and VXZ?
Across a 3-year window, the weekly returns of SB and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.33). Stretching to 5 years gives -0.27, with an annualized covariance of -280.0 %².
Among the 15 assets we track against SB, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months SB outperformed by 116.9 percentage points (+100.8% for SB 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.
SB vs VXZ: side by side
| SB (Safe Bulkers, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +100.8% | -16.1% |
| 5-year return | +151.1% | -53.1% |
| Volatility (ann.) | 33.0% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -49.7% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 1.21% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SB | VXZ |
|---|---|---|
| 2022 | -18.7% | +0.5% |
| 2023 | +42.9% | -44.0% |
| 2024 | -5.1% | -12.7% |
| 2025 | +40.3% | +5.7% |
| 2026 | +79.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SB and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SB and VXZ?
The SB/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.13, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SB?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SB correlations · VXZ correlations
