SHOE vs VXZ: Correlation
Measured on weekly returns over the past three years, Shoe Station Group, Inc. (SHOE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOE and VXZ?
Across a 3-year window, the weekly returns of SHOE and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -436.0 %².
VXZ is close to the least connected end of SHOE's tracked universe, ranking #16 of 17. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 18.6 percentage points (-34.7% for SHOE against -16.1% for VXZ). Risk is not evenly split, since SHOE carries 1.7 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.
SHOE vs VXZ: side by side
| SHOE (Shoe Station Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -34.7% | -16.1% |
| 5-year return | -59.3% | -53.1% |
| Volatility (ann.) | 43.2% | 25.6% |
| Beta vs S&P 500 | 1.24 | -1.31 |
| Max drawdown (3Y) | -68.0% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 4.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHOE | VXZ |
|---|---|---|
| 2022 | -38.0% | +0.5% |
| 2023 | +28.5% | -44.0% |
| 2024 | +11.2% | -12.7% |
| 2025 | -47.6% | +5.7% |
| 2026 | -15.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOE and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SHOE and VXZ?
The SHOE/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.38, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SHOE?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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/shoe-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shoe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHOE correlations · VXZ correlations
