SLGN vs VXZ: Correlation
Measured on weekly returns over the past three years, Silgan Holdings Inc. (SLGN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLGN and VXZ?
Across a 3-year window, the weekly returns of SLGN and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.35) runs below the 3-year figure (-0.24). Stretching to 5 years gives -0.31, with an annualized covariance of -184.1 %².
Out of 26 assets tracked against SLGN, VXZ lands near the bottom at #26. The trailing year gives SLGN the advantage: -7.9% versus -16.1%, a 8.2-point spread.
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.
SLGN vs VXZ: side by side
| SLGN (Silgan Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.9% | -16.1% |
| 5-year return | +5.9% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.58 | -1.31 |
| Max drawdown (3Y) | -35.0% | -36.4% |
| Market cap | $4.4B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 1.91% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLGN | VXZ |
|---|---|---|
| 2022 | +22.7% | +0.5% |
| 2023 | -11.3% | -44.0% |
| 2024 | +16.8% | -12.7% |
| 2025 | -21.1% | +5.7% |
| 2026 | +4.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLGN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, SLGN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SLGN and VXZ?
The SLGN/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.35, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SLGN?
Yes. With a correlation of -0.24, SLGN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/slgn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slgn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SLGN correlations · VXZ correlations
