SLG vs VXZ: Correlation
SL Green Realty Corp (SLG) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLG and VXZ?
Across a 3-year window, the weekly returns of SLG and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -499.2 %².
Out of 14 assets tracked against SLG, VXZ lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months SLG outperformed by 22.8 percentage points (+6.7% for SLG against -16.1% for VXZ). Note the risk asymmetry: SLG runs 1.6 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.
SLG vs VXZ: side by side
| SLG (SL Green Realty Corp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.7% | -16.1% |
| 5-year return | +15.1% | -53.1% |
| Volatility (ann.) | 41.1% | 25.6% |
| Beta vs S&P 500 | 1.33 | -1.31 |
| Max drawdown (3Y) | -53.9% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLG | VXZ |
|---|---|---|
| 2022 | -50.9% | +0.5% |
| 2023 | +48.8% | -44.0% |
| 2024 | +58.3% | -12.7% |
| 2025 | -29.0% | +5.7% |
| 2026 | +29.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLG and VXZ good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SLG and VXZ?
As of 2026-08-27, the correlation of weekly returns between SLG and VXZ is -0.47 over 3 years, -0.38 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for SLG?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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/slg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SLG correlations · VXZ correlations
