SMTC vs VXZ: Correlation
How closely do Semtech Corporation (SMTC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMTC and VXZ?
Across a 3-year window, the weekly returns of SMTC and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -756.2 %².
VXZ is close to the least connected end of SMTC's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with SMTC ahead by 161.1 points (+145.0% versus -16.1%). Note the risk asymmetry: SMTC runs 2.7 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.
SMTC vs VXZ: side by side
| SMTC (Semtech Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +145.0% | -16.1% |
| 5-year return | +103.9% | -53.1% |
| Volatility (ann.) | 68.2% | 25.6% |
| Beta vs S&P 500 | 2.23 | -1.31 |
| Max drawdown (3Y) | -68.5% | -36.4% |
| Market cap | $13.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMTC | VXZ |
|---|---|---|
| 2022 | -67.7% | +0.5% |
| 2023 | -23.6% | -44.0% |
| 2024 | +182.3% | -12.7% |
| 2025 | +19.1% | +5.7% |
| 2026 | +93.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMTC and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SMTC and VXZ?
The SMTC/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.37, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SMTC?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/smtc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smtc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SMTC correlations · VXZ correlations
