SID vs VXZ: Correlation
Companhia Siderurgica Nacional S.A. (SID) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SID and VXZ?
Across a 3-year window, the weekly returns of SID and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -403.2 %².
VXZ is close to the least connected end of SID's tracked universe, ranking #13 of 14. Over the last 12 months VXZ came out ahead by 7.6 percentage points (-23.7% against -16.1%). Note the risk asymmetry: SID runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SID vs VXZ: side by side
| SID (Companhia Siderurgica Nacional S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.7% | -16.1% |
| 5-year return | -77.7% | -53.1% |
| Volatility (ann.) | 49.3% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -76.0% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SID | VXZ |
|---|---|---|
| 2022 | -29.7% | +0.5% |
| 2023 | +69.2% | -44.0% |
| 2024 | -59.6% | -12.7% |
| 2025 | +11.1% | +5.7% |
| 2026 | -33.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SID and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SID and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.34 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for SID?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 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/sid-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sid-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SID correlations · VXZ correlations
