SPYG vs VXZ: Correlation
How closely do SPDR Portfolio S&P 500 Growth ETF (SPYG) 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 -0.65, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYG and VXZ?
On 3 years of weekly data the SPYG/VXZ correlation comes out at -0.65, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.58 over 1 year against -0.65 over 3. The 5-year figure is -0.63, and annualized covariance runs at -315.2 %².
Among the 97 assets we track against SPYG, VXZ sits near the bottom by co-movement, at rank #95. Their recent paths diverged sharply: over the last 12 months SPYG outperformed by 38.5 percentage points (+22.4% for SPYG against -16.1% for VXZ).
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.
SPYG vs VXZ: side by side
| SPYG (SPDR Portfolio S&P 500 Growth ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.4% | -16.1% |
| 5-year return | +85.9% | -53.1% |
| Volatility (ann.) | 18.9% | 25.6% |
| Beta vs S&P 500 | 1.25 | -1.31 |
| Max drawdown (3Y) | -22.1% | -36.4% |
| Dividend yield | 0.49% | – |
| Expense ratio | 0.04% | – |
| Assets under management | $52.2B | – |
| Sector / category | ETF · US Style | US Listed |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | SPYG | VXZ |
|---|---|---|
| 2022 | -29.4% | +0.5% |
| 2023 | +30.0% | -44.0% |
| 2024 | +36.0% | -12.7% |
| 2025 | +22.1% | +5.7% |
| 2026 | +14.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYG and VXZ good diversifiers for each other?
Yes: at -0.65, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPYG and VXZ?
Using weekly returns as of 2026-08-27: -0.65 over 3 years, with -0.58 over the last year and -0.63 over 5 years.
Is VXZ a good diversifier for SPYG?
Yes: at -0.65, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.65 mean?
On the −1 to +1 scale, -0.65 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/spyg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYG correlations · VXZ correlations
