SMID vs VXZ: Correlation
Smith-Midland Corporation (SMID) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMID and VXZ?
On 3 years of weekly data the SMID/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.31). The 5-year figure is -0.24, and annualized covariance runs at -478.2 %².
Out of 10 assets tracked against SMID, VXZ lands near the bottom at #9. The last year tells two different stories: VXZ led by 23.2 percentage points, -39.3% for SMID against -16.1% for VXZ. Note the risk asymmetry: SMID runs 2.4 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.
SMID vs VXZ: side by side
| SMID (Smith-Midland Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.3% | -16.1% |
| 5-year return | +32.1% | -53.1% |
| Volatility (ann.) | 60.2% | 25.6% |
| Beta vs S&P 500 | 1.58 | -1.31 |
| Max drawdown (3Y) | -50.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMID | VXZ |
|---|---|---|
| 2022 | -56.4% | +0.5% |
| 2023 | +92.7% | -44.0% |
| 2024 | +12.6% | -12.7% |
| 2025 | -18.3% | +5.7% |
| 2026 | -31.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMID and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SMID and VXZ?
As of 2026-08-27, the correlation of weekly returns between SMID and VXZ is -0.31 over 3 years, -0.13 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for SMID?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/smid-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smid-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SMID correlations · VXZ correlations
