SKYW vs VXZ: Correlation
Measured on weekly returns over the past three years, SkyWest, Inc. (SKYW) 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 SKYW and VXZ?
Across a 3-year window, the weekly returns of SKYW and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. Stretching to 5 years gives -0.44, with an annualized covariance of -333.0 %².
Out of 14 assets tracked against SKYW, VXZ lands near the bottom at #13. Twelve-month performance is nearly a tie, at -19.3% for SKYW and -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.
SKYW vs VXZ: side by side
| SKYW (SkyWest, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -19.3% | -16.1% |
| 5-year return | +114.2% | -53.1% |
| Volatility (ann.) | 33.3% | 25.6% |
| Beta vs S&P 500 | 0.95 | -1.31 |
| Max drawdown (3Y) | -36.6% | -36.4% |
| Market cap | $3.8B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SKYW | VXZ |
|---|---|---|
| 2022 | -58.0% | +0.5% |
| 2023 | +216.2% | -44.0% |
| 2024 | +91.8% | -12.7% |
| 2025 | +0.3% | +5.7% |
| 2026 | -1.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between SKYW and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.39 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for SKYW?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/skyw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/skyw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SKYW correlations · VXZ correlations
