SPSC vs VXZ: Correlation
How closely do SPS Commerce, Inc. (SPSC) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPSC and VXZ?
Across a 3-year window, the weekly returns of SPSC and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.36). Stretching to 5 years gives -0.37, with an annualized covariance of -407.4 %².
VXZ is close to the least connected end of SPSC's tracked universe, ranking #24 of 24. Over the last 12 months VXZ came out ahead by 9.3 percentage points (-25.4% against -16.1%). One caveat on sizing: SPSC is 1.7 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.
SPSC vs VXZ: side by side
| SPSC (SPS Commerce, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -25.4% | -16.1% |
| 5-year return | -38.6% | -53.1% |
| Volatility (ann.) | 44.2% | 25.6% |
| Beta vs S&P 500 | 1.10 | -1.31 |
| Max drawdown (3Y) | -76.8% | -36.4% |
| Market cap | $3.0B | – |
| P/E (trailing) | 40.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPSC | VXZ |
|---|---|---|
| 2022 | -9.8% | +0.5% |
| 2023 | +50.9% | -44.0% |
| 2024 | -5.1% | -12.7% |
| 2025 | -51.6% | +5.7% |
| 2026 | -5.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPSC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPSC and VXZ?
As of 2026-08-27, the correlation of weekly returns between SPSC and VXZ is -0.36 over 3 years, -0.25 over 1 year and -0.37 over 5 years.
Is VXZ a good diversifier for SPSC?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/spsc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spsc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPSC correlations · VXZ correlations
