SHBI vs VXZ: Correlation
How closely do Shore Bancshares, Inc. (SHBI) 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 -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHBI and VXZ?
Over the past 3 years, SHBI and VXZ moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.35 versus -0.51 over 3 years. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -422.4 %².
Out of 35 assets tracked against SHBI, VXZ lands near the bottom at #35. Their recent paths diverged sharply: over the last 12 months SHBI outperformed by 53.8 percentage points (+37.7% for SHBI against -16.1% for VXZ).
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.
SHBI vs VXZ: side by side
| SHBI (Shore Bancshares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +37.7% | -16.1% |
| 5-year return | +51.7% | -53.1% |
| Volatility (ann.) | 32.6% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -31.9% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 2.16% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHBI | VXZ |
|---|---|---|
| 2022 | -14.4% | +0.5% |
| 2023 | -15.1% | -44.0% |
| 2024 | +15.6% | -12.7% |
| 2025 | +15.0% | +5.7% |
| 2026 | +32.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHBI and VXZ good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SHBI and VXZ?
The SHBI/VXZ correlation stands at -0.51 on a 3-year window (1 year: -0.35, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SHBI?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
A reading of -0.51 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/shbi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shbi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHBI correlations · VXZ correlations
