SDRL vs VXZ: Correlation
Measured on weekly returns over the past three years, Seadrill Limited (SDRL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SDRL and VXZ?
Over the past 3 years, SDRL and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.33). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -329.3 %².
VXZ is close to the least connected end of SDRL's tracked universe, ranking #14 of 15. The last year tells two different stories: SDRL led by 67.4 percentage points, +51.3% for SDRL against -16.1% for VXZ. Risk is not evenly split, since SDRL carries 1.5 times the volatility of the other side.
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.
SDRL vs VXZ: side by side
| SDRL (Seadrill Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.3% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 38.9% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -66.1% | -36.4% |
| Market cap | $3.0B | – |
| P/E (trailing) | 1612.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SDRL | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +44.9% | -44.0% |
| 2024 | -17.7% | -12.7% |
| 2025 | -11.1% | +5.7% |
| 2026 | +39.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SDRL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, SDRL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SDRL and VXZ?
The SDRL/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.03, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SDRL?
Yes. With a correlation of -0.33, SDRL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/sdrl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sdrl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SDRL correlations · VXZ correlations
