SPXC vs VXZ: Correlation
Measured on weekly returns over the past three years, SPX Technologies, Inc. (SPXC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPXC and VXZ?
Over the past 3 years, SPXC and VXZ moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.20 versus -0.47 over 3 years. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -401.0 %².
Among the 16 assets we track against SPXC, VXZ sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with SPXC ahead by 22.8 points (+6.7% 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.
SPXC vs VXZ: side by side
| SPXC (SPX Technologies, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.7% | -16.1% |
| 5-year return | +226.0% | -53.1% |
| Volatility (ann.) | 33.7% | 25.6% |
| Beta vs S&P 500 | 1.20 | -1.31 |
| Max drawdown (3Y) | -33.5% | -36.4% |
| Market cap | $10.3B | – |
| P/E (trailing) | 36.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPXC | VXZ |
|---|---|---|
| 2022 | +10.0% | +0.5% |
| 2023 | +53.9% | -44.0% |
| 2024 | +44.1% | -12.7% |
| 2025 | +37.5% | +5.7% |
| 2026 | +2.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPXC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPXC and VXZ?
As of 2026-08-27, the correlation of weekly returns between SPXC and VXZ is -0.47 over 3 years, -0.20 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for SPXC?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 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/spxc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spxc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPXC correlations · VXZ correlations
