SHC vs VXZ: Correlation
Sotera Health Company (SHC) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHC and VXZ?
Over the past 3 years, SHC and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.65) runs below the 3-year figure (-0.35). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -362.2 %².
Out of 15 assets tracked against SHC, VXZ lands near the bottom at #14. The last year tells two different stories: SHC led by 34.2 percentage points, +18.1% for SHC against -16.1% for VXZ. One caveat on sizing: SHC is 1.6 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.
SHC vs VXZ: side by side
| SHC (Sotera Health Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.1% | -16.1% |
| 5-year return | -21.9% | -53.1% |
| Volatility (ann.) | 40.4% | 25.6% |
| Beta vs S&P 500 | 1.09 | -1.31 |
| Max drawdown (3Y) | -43.5% | -36.4% |
| Market cap | $5.6B | – |
| P/E (trailing) | 34.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHC | VXZ |
|---|---|---|
| 2022 | -64.6% | +0.5% |
| 2023 | +102.3% | -44.0% |
| 2024 | -18.8% | -12.7% |
| 2025 | +28.9% | +5.7% |
| 2026 | +10.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHC and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SHC and VXZ?
As of 2026-08-27, the correlation of weekly returns between SHC and VXZ is -0.35 over 3 years, -0.65 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for SHC?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/shc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHC correlations · VXZ correlations
