SGHC vs VXZ: Correlation
Measured on weekly returns over the past three years, Super Group (SGHC) Limited (SGHC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGHC and VXZ?
On 3 years of weekly data the SGHC/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.27 over 3 years. The 5-year figure is -0.18, and annualized covariance runs at -334.3 %².
Out of 10 assets tracked against SGHC, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with SGHC ahead by 31.0 points (+14.9% versus -16.1%). One caveat on sizing: SGHC is 1.9 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.
SGHC vs VXZ: side by side
| SGHC (Super Group (SGHC) Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.9% | -16.1% |
| 5-year return | +49.1% | -53.1% |
| Volatility (ann.) | 49.2% | 25.6% |
| Beta vs S&P 500 | 1.19 | -1.31 |
| Max drawdown (3Y) | -39.5% | -36.4% |
| Market cap | $7.0B | – |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 1.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SGHC | VXZ |
|---|---|---|
| 2022 | -69.8% | +0.5% |
| 2023 | +5.7% | -44.0% |
| 2024 | +107.7% | -12.7% |
| 2025 | +93.7% | +5.7% |
| 2026 | +16.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGHC and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SGHC and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.01 over the last year and -0.18 over 5 years.
Is VXZ a good diversifier for SGHC?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/sghc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sghc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SGHC correlations · VXZ correlations
