SHOO vs VXZ: Correlation
Steven Madden, Ltd. (SHOO) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOO and VXZ?
Over the past 3 years, SHOO and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.27) runs above the 3-year figure (-0.38). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -373.5 %².
Out of 15 assets tracked against SHOO, VXZ lands near the bottom at #14. The last year tells two different stories: SHOO led by 71.6 percentage points, +55.5% for SHOO 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.
SHOO vs VXZ: side by side
| SHOO (Steven Madden, Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.5% | -16.1% |
| 5-year return | +22.4% | -53.1% |
| Volatility (ann.) | 38.3% | 25.6% |
| Beta vs S&P 500 | 1.13 | -1.31 |
| Max drawdown (3Y) | -60.2% | -36.4% |
| Market cap | $3.3B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHOO | VXZ |
|---|---|---|
| 2022 | -29.5% | +0.5% |
| 2023 | +34.6% | -44.0% |
| 2024 | +3.2% | -12.7% |
| 2025 | +0.6% | +5.7% |
| 2026 | +8.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHOO and VXZ?
The SHOO/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.27, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SHOO?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 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/shoo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shoo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHOO correlations · VXZ correlations
