SPG vs VXZ: Correlation
Measured on weekly returns over the past three years, Simon Property Group (SPG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and VXZ?
Across a 3-year window, the weekly returns of SPG and VXZ correlate at -0.54, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.41) runs above the 3-year figure (-0.54). Stretching to 5 years gives -0.56, with an annualized covariance of -312.8 %².
VXZ is close to the least connected end of SPG's tracked universe, ranking #37 of 37. Correlation aside, the last 12 months split them widely, with SPG ahead by 42.4 points (+26.3% 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.
SPG vs VXZ: side by side
| SPG (Simon Property Group) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.3% | -16.1% |
| 5-year return | +110.2% | -53.1% |
| Volatility (ann.) | 22.7% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -24.3% | -36.4% |
| Market cap | $81.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 4.05% | – |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | SPG | VXZ |
|---|---|---|
| 2022 | -21.9% | +0.5% |
| 2023 | +29.2% | -44.0% |
| 2024 | +26.9% | -12.7% |
| 2025 | +12.9% | +5.7% |
| 2026 | +18.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPG and VXZ good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPG and VXZ?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.41 over the last year and -0.56 over 5 years.
Is VXZ a good diversifier for SPG?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 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/spg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPG correlations · VXZ correlations
