SKYH vs VXZ: Correlation
Measured on weekly returns over the past three years, Sky Harbour Group Corporation (SKYH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SKYH and VXZ?
Across a 3-year window, the weekly returns of SKYH and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.32 over 3 years. Stretching to 5 years gives -0.15, with an annualized covariance of -465.4 %².
VXZ is close to the least connected end of SKYH's tracked universe, ranking #11 of 12. Over the last 12 months SKYH came out ahead by 14.7 percentage points (-1.4% against -16.1%). Risk is not evenly split, since SKYH carries 2.2 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.
SKYH vs VXZ: side by side
| SKYH (Sky Harbour Group Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.4% | -16.1% |
| 5-year return | +4.5% | -53.1% |
| Volatility (ann.) | 57.5% | 25.6% |
| Beta vs S&P 500 | 1.13 | -1.31 |
| Max drawdown (3Y) | -39.9% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SKYH | VXZ |
|---|---|---|
| 2022 | -73.8% | +0.5% |
| 2023 | +263.2% | -44.0% |
| 2024 | +23.5% | -12.7% |
| 2025 | -24.8% | +5.7% |
| 2026 | +17.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, SKYH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SKYH and VXZ?
The SKYH/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.44, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SKYH?
Yes. With a correlation of -0.32, SKYH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/skyh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/skyh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SKYH correlations · VXZ correlations
