SHO vs VXZ: Correlation
Sunstone Hotel Investors, Inc. (SHO) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHO and VXZ?
Over the past 3 years, SHO and VXZ moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.46 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -272.3 %².
VXZ is close to the least connected end of SHO's tracked universe, ranking #13 of 14. Their recent paths diverged sharply: over the last 12 months SHO outperformed by 37.5 percentage points (+21.4% for SHO 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.
SHO vs VXZ: side by side
| SHO (Sunstone Hotel Investors, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -16.1% |
| 5-year return | +10.7% | -53.1% |
| Volatility (ann.) | 23.4% | 25.6% |
| Beta vs S&P 500 | 0.76 | -1.31 |
| Max drawdown (3Y) | -36.6% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | 50.9 | – |
| Dividend yield | 3.21% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHO | VXZ |
|---|---|---|
| 2022 | -16.8% | +0.5% |
| 2023 | +14.4% | -44.0% |
| 2024 | +13.9% | -12.7% |
| 2025 | -21.5% | +5.7% |
| 2026 | +27.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHO and VXZ?
As of 2026-08-27, the correlation of weekly returns between SHO and VXZ is -0.46 over 3 years, -0.25 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for SHO?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
A reading of -0.46 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/sho-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sho-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHO correlations · VXZ correlations
