SNA vs VXZ: Correlation
How closely do Snap-on (SNA) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNA and VXZ?
Over the past 3 years, SNA and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.38 over 3. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -205.4 %².
VXZ is close to the least connected end of SNA's tracked universe, ranking #34 of 34. Correlation aside, the last 12 months split them widely, with SNA ahead by 39.2 points (+23.1% versus -16.1%).
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.
SNA vs VXZ: side by side
| SNA (Snap-on) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.1% | -16.1% |
| 5-year return | +99.6% | -53.1% |
| Volatility (ann.) | 21.3% | 25.6% |
| Beta vs S&P 500 | 0.70 | -1.31 |
| Max drawdown (3Y) | -20.8% | -36.4% |
| Market cap | $20.5B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 2.38% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | SNA | VXZ |
|---|---|---|
| 2022 | +8.9% | +0.5% |
| 2023 | +29.7% | -44.0% |
| 2024 | +20.7% | -12.7% |
| 2025 | +4.3% | +5.7% |
| 2026 | +17.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNA and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SNA and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.46 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for SNA?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/sna-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sna-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SNA correlations · VXZ correlations
