SPHR vs VXZ: Correlation
How closely do Sphere Entertainment Co. (SPHR) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPHR and VXZ?
On 3 years of weekly data the SPHR/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -530.8 %².
Out of 10 assets tracked against SPHR, VXZ lands near the bottom at #9. The last year tells two different stories: SPHR led by 258.8 percentage points, +242.7% for SPHR against -16.1% for VXZ. One caveat on sizing: SPHR is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SPHR vs VXZ: side by side
| SPHR (Sphere Entertainment Co.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +242.7% | -16.1% |
| 5-year return | +308.6% | -53.1% |
| Volatility (ann.) | 51.1% | 25.6% |
| Beta vs S&P 500 | 1.54 | -1.31 |
| Max drawdown (3Y) | -52.3% | -36.4% |
| Market cap | $5.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPHR | VXZ |
|---|---|---|
| 2022 | -36.1% | +0.5% |
| 2023 | +63.5% | -44.0% |
| 2024 | +18.7% | -12.7% |
| 2025 | +135.8% | +5.7% |
| 2026 | +55.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPHR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, SPHR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPHR and VXZ?
The SPHR/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.38, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SPHR?
Yes. With a correlation of -0.41, SPHR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/sphr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sphr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPHR correlations · VXZ correlations
