SBI vs VXZ: Correlation
Western Asset Intermediate Muni Fund Inc (SBI) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBI and VXZ?
Across a 3-year window, the weekly returns of SBI and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -64.3 %².
Among the 14 assets we track against SBI, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months SBI outperformed by 22.4 percentage points (+6.3% for SBI against -16.1% for VXZ). One caveat on sizing: VXZ is 3.2 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.
SBI vs VXZ: side by side
| SBI (Western Asset Intermediate Muni Fund Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.3% | -16.1% |
| 5-year return | +0.9% | -53.1% |
| Volatility (ann.) | 7.9% | 25.6% |
| Beta vs S&P 500 | 0.19 | -1.31 |
| Max drawdown (3Y) | -7.9% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 3.31% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SBI | VXZ |
|---|---|---|
| 2022 | -18.4% | +0.5% |
| 2023 | +5.4% | -44.0% |
| 2024 | +6.8% | -12.7% |
| 2025 | +5.9% | +5.7% |
| 2026 | +3.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBI and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SBI and VXZ?
As of 2026-08-27, the correlation of weekly returns between SBI and VXZ is -0.32 over 3 years, -0.42 over 1 year and -0.28 over 5 years.
Is VXZ a good diversifier for SBI?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/sbi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sbi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SBI correlations · VXZ correlations
