SBH vs VXZ: Correlation
How closely do Sally Beauty Holdings, Inc. Commo (SBH) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBH and VXZ?
Over the past 3 years, SBH and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.32 over 3 years. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -372.7 %².
VXZ is close to the least connected end of SBH's tracked universe, ranking #13 of 14. Correlation aside, the last 12 months split them widely, with SBH ahead by 32.6 points (+16.5% versus -16.1%). One caveat on sizing: SBH is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SBH vs VXZ: side by side
| SBH (Sally Beauty Holdings, Inc. Commo) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.5% | -16.1% |
| 5-year return | -12.3% | -53.1% |
| Volatility (ann.) | 45.3% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -45.2% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SBH | VXZ |
|---|---|---|
| 2022 | -32.2% | +0.5% |
| 2023 | +6.1% | -44.0% |
| 2024 | -21.3% | -12.7% |
| 2025 | +36.5% | +5.7% |
| 2026 | +15.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, SBH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SBH and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.44 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for SBH?
Yes. With a correlation of -0.32, SBH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/sbh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sbh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SBH correlations · VXZ correlations
