SGRY vs VXZ: Correlation
Measured on weekly returns over the past three years, Surgery Partners, Inc. (SGRY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGRY and VXZ?
On 3 years of weekly data the SGRY/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.35 over 3 years. The 5-year figure is -0.38, and annualized covariance runs at -463.3 %².
Among the 14 assets we track against SGRY, VXZ sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with VXZ ahead by 22.9 points (-39.0% versus -16.1%). Risk is not evenly split, since SGRY carries 2.0 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.
SGRY vs VXZ: side by side
| SGRY (Surgery Partners, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.0% | -16.1% |
| 5-year return | -71.6% | -53.1% |
| Volatility (ann.) | 51.2% | 25.6% |
| Beta vs S&P 500 | 1.30 | -1.31 |
| Max drawdown (3Y) | -69.3% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SGRY | VXZ |
|---|---|---|
| 2022 | -47.8% | +0.5% |
| 2023 | +14.8% | -44.0% |
| 2024 | -33.8% | -12.7% |
| 2025 | -27.0% | +5.7% |
| 2026 | -9.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGRY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, SGRY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SGRY and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.45 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for SGRY?
Yes. With a correlation of -0.35, SGRY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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/sgry-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sgry-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SGRY correlations · VXZ correlations
