SBGI vs VXZ: Correlation
Sinclair, Inc. (SBGI) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBGI and VXZ?
On 3 years of weekly data the SBGI/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -482.5 %².
Among the 11 assets we track against SBGI, VXZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months SBGI outperformed by 19.3 percentage points (+3.2% for SBGI against -16.1% for VXZ). Note the risk asymmetry: SBGI runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SBGI vs VXZ: side by side
| SBGI (Sinclair, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.2% | -16.1% |
| 5-year return | -37.1% | -53.1% |
| Volatility (ann.) | 57.6% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -33.1% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 6.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SBGI | VXZ |
|---|---|---|
| 2022 | -38.7% | +0.5% |
| 2023 | -9.8% | -44.0% |
| 2024 | +32.6% | -12.7% |
| 2025 | +1.5% | +5.7% |
| 2026 | -5.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBGI 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 SBGI and VXZ?
As of 2026-08-27, the correlation of weekly returns between SBGI and VXZ is -0.33 over 3 years, -0.26 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for SBGI?
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?
On the −1 to +1 scale, -0.33 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/sbgi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sbgi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SBGI correlations · VXZ correlations
