SPY vs VXZ: Correlation
SPDR S&P 500 ETF Trust (SPY) 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 -0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VXZ?
Across a 3-year window, the weekly returns of SPY and VXZ correlate at -0.74, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.67 lands near the 3-year figure. Stretching to 5 years gives -0.71, with an annualized covariance of -273.1 %².
Among the 4755 assets we track against SPY, VXZ sits near the bottom by co-movement, at rank #4753. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 36.7 percentage points (+20.6% for SPY against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 1.8 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.
SPY vs VXZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.6% | -16.1% |
| 5-year return | +82.4% | -53.1% |
| Volatility (ann.) | 14.5% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -18.8% | -36.4% |
| Dividend yield | 1.01% | – |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VXZ |
|---|---|---|
| 2022 | -18.2% | +0.5% |
| 2023 | +26.2% | -44.0% |
| 2024 | +24.9% | -12.7% |
| 2025 | +17.7% | +5.7% |
| 2026 | +13.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and VXZ?
As of 2026-08-27, the correlation of weekly returns between SPY and VXZ is -0.74 over 3 years, -0.67 over 1 year and -0.71 over 5 years.
Is VXZ a good diversifier for SPY?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
What does a correlation of -0.74 mean?
A reading of -0.74 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/spy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vxz/)
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Related comparisons
Hubs: SPY correlations · VXZ correlations
