SPCE vs VXZ: Correlation
Measured on weekly returns over the past three years, Virgin Galactic Holdings, Inc. (SPCE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPCE and VXZ?
On 3 years of weekly data the SPCE/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. The 5-year figure is -0.42, and annualized covariance runs at -982.5 %².
Out of 19 assets tracked against SPCE, VXZ lands near the bottom at #18. On 12-month performance SPCE holds a 13.2-point edge, -2.9% against -16.1%. Note the risk asymmetry: SPCE runs 3.9 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.
SPCE vs VXZ: side by side
| SPCE (Virgin Galactic Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.9% | -16.1% |
| 5-year return | -99.4% | -53.1% |
| Volatility (ann.) | 100.5% | 25.6% |
| Beta vs S&P 500 | 2.82 | -1.31 |
| Max drawdown (3Y) | -96.0% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPCE | VXZ |
|---|---|---|
| 2022 | -74.0% | +0.5% |
| 2023 | -29.6% | -44.0% |
| 2024 | -88.0% | -12.7% |
| 2025 | -45.4% | +5.7% |
| 2026 | -6.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPCE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, SPCE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPCE and VXZ?
As of 2026-08-27, the correlation of weekly returns between SPCE and VXZ is -0.38 over 3 years, -0.29 over 1 year and -0.42 over 5 years.
Is VXZ a good diversifier for SPCE?
Yes. With a correlation of -0.38, SPCE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spce-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spce-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPCE correlations · VXZ correlations
