SPGI vs VXZ: Correlation
How closely do S&P Global (SPGI) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPGI and VXZ?
Across a 3-year window, the weekly returns of SPGI and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.45 over 3 years. Stretching to 5 years gives -0.46, with an annualized covariance of -286.2 %².
Out of 40 assets tracked against SPGI, VXZ lands near the bottom at #40. Their 12-month results are close: -15.6% for SPGI against -16.1% for VXZ.
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.
SPGI vs VXZ: side by side
| SPGI (S&P Global) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.6% | -16.1% |
| 5-year return | +8.1% | -53.1% |
| Volatility (ann.) | 24.7% | 25.6% |
| Beta vs S&P 500 | 0.86 | -1.31 |
| Max drawdown (3Y) | -30.5% | -36.4% |
| Market cap | $128.4B | – |
| P/E (trailing) | 26.6 | – |
| Dividend yield | 0.88% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | SPGI | VXZ |
|---|---|---|
| 2022 | -28.4% | +0.5% |
| 2023 | +32.8% | -44.0% |
| 2024 | +13.9% | -12.7% |
| 2025 | +5.7% | +5.7% |
| 2026 | -11.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPGI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, SPGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPGI and VXZ?
The SPGI/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.23, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SPGI?
Yes. With a correlation of -0.45, SPGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 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/spgi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spgi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPGI correlations · VXZ correlations
