SHW vs VXZ: Correlation
How closely do Sherwin-Williams (SHW) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHW and VXZ?
On 3 years of weekly data the SHW/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.40 over 3. The 5-year figure is -0.39, and annualized covariance runs at -251.6 %².
VXZ is close to the least connected end of SHW's tracked universe, ranking #59 of 60. The trailing year gives SHW the advantage: -5.1% versus -16.1%, a 11.0-point spread.
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.
SHW vs VXZ: side by side
| SHW (Sherwin-Williams) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.1% | -16.1% |
| 5-year return | +18.3% | -53.1% |
| Volatility (ann.) | 24.6% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -25.7% | -36.4% |
| Market cap | $83.8B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.91% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SHW | VXZ |
|---|---|---|
| 2022 | -32.0% | +0.5% |
| 2023 | +32.7% | -44.0% |
| 2024 | +9.9% | -12.7% |
| 2025 | -3.8% | +5.7% |
| 2026 | +7.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHW and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.32 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for SHW?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/shw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHW correlations · VXZ correlations
