SLF vs VXZ: Correlation
Measured on weekly returns over the past three years, Sun Life Financial Inc. (SLF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLF and VXZ?
Over the past 3 years, SLF and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.41). Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -196.5 %².
Out of 12 assets tracked against SLF, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with SLF ahead by 56.1 points (+40.0% versus -16.1%).
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.
SLF vs VXZ: side by side
| SLF (Sun Life Financial Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +40.0% | -16.1% |
| 5-year return | +84.1% | -53.1% |
| Volatility (ann.) | 18.6% | 25.6% |
| Beta vs S&P 500 | 0.52 | -1.31 |
| Max drawdown (3Y) | -14.9% | -36.4% |
| Market cap | $43.8B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 4.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLF | VXZ |
|---|---|---|
| 2022 | -12.9% | +0.5% |
| 2023 | +16.9% | -44.0% |
| 2024 | +19.5% | -12.7% |
| 2025 | +7.3% | +5.7% |
| 2026 | +29.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLF and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between SLF and VXZ?
As of 2026-08-27, the correlation of weekly returns between SLF and VXZ is -0.41 over 3 years, -0.18 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for SLF?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/slf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SLF correlations · VXZ correlations
