SPWR vs VXZ: Correlation
SunPower Inc. (SPWR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPWR and VXZ?
Over the past 3 years, SPWR and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -969.3 %².
VXZ is close to the least connected end of SPWR's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 64.3 percentage points (-80.4% for SPWR against -16.1% for VXZ). Note the risk asymmetry: SPWR runs 5.7 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.
SPWR vs VXZ: side by side
| SPWR (SunPower Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -80.4% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 146.1% | 25.6% |
| Beta vs S&P 500 | 1.97 | -1.31 |
| Max drawdown (3Y) | -92.9% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPWR | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +11.5% | -12.7% |
| 2025 | -12.3% | +5.7% |
| 2026 | -81.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPWR and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPWR and VXZ?
The SPWR/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.23, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SPWR?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/spwr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spwr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPWR correlations · VXZ correlations
