SND vs VXZ: Correlation
Smart Sand, Inc. (SND) 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 -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SND and VXZ?
On 3 years of weekly data the SND/VXZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.05) runs above the 3-year figure (-0.23). The 5-year figure is -0.27, and annualized covariance runs at -343.6 %².
VXZ is close to the least connected end of SND's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with SND ahead by 185.6 points (+169.5% versus -16.1%). Note the risk asymmetry: SND runs 2.2 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.
SND vs VXZ: side by side
| SND (Smart Sand, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +169.5% | -16.1% |
| 5-year return | +141.8% | -53.1% |
| Volatility (ann.) | 57.5% | 25.6% |
| Beta vs S&P 500 | 0.34 | -1.31 |
| Max drawdown (3Y) | -33.3% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SND | VXZ |
|---|---|---|
| 2022 | +0.6% | +0.5% |
| 2023 | +7.8% | -44.0% |
| 2024 | +22.1% | -12.7% |
| 2025 | +89.8% | +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 SND and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, SND and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SND and VXZ?
The SND/VXZ correlation stands at -0.23 on a 3-year window (1 year: 0.05, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SND?
Yes. With a correlation of -0.23, SND and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/snd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/snd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SND correlations · VXZ correlations
