SMR vs VXZ: Correlation
NuScale Power Corporation (SMR) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMR and VXZ?
On 3 years of weekly data the SMR/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -739.0 %².
Out of 14 assets tracked against SMR, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with VXZ ahead by 56.2 points (-72.3% versus -16.1%). One caveat on sizing: SMR is 4.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SMR vs VXZ: side by side
| SMR (NuScale Power Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -72.3% | -16.1% |
| 5-year return | -3.2% | -53.1% |
| Volatility (ann.) | 119.8% | 25.6% |
| Beta vs S&P 500 | 3.28 | -1.31 |
| Max drawdown (3Y) | -85.8% | -36.4% |
| Market cap | $4.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMR | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | -67.9% | -44.0% |
| 2024 | +445.0% | -12.7% |
| 2025 | -21.0% | +5.7% |
| 2026 | -31.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, SMR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SMR and VXZ?
The SMR/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.25, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SMR?
Yes. With a correlation of -0.24, SMR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/smr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SMR correlations · VXZ correlations
