SPYV vs VXZ: Correlation
Measured on weekly returns over the past three years, SPDR Portfolio S&P 500 Value ETF (SPYV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.72, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VXZ?
On 3 years of weekly data the SPYV/VXZ correlation comes out at -0.72, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.68 lands near the 3-year figure. The 5-year figure is -0.70, and annualized covariance runs at -222.7 %².
Out of 148 assets tracked against SPYV, VXZ lands near the bottom at #148. The last year tells two different stories: SPYV led by 34.6 percentage points, +18.5% for SPYV against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 2.1 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.
SPYV vs VXZ: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.5% | -16.1% |
| 5-year return | +73.5% | -53.1% |
| Volatility (ann.) | 12.1% | 25.6% |
| Beta vs S&P 500 | 0.70 | -1.31 |
| Max drawdown (3Y) | -17.5% | -36.4% |
| Dividend yield | 1.69% | – |
| Expense ratio | 0.04% | – |
| Assets under management | $36.2B | – |
| Sector / category | ETF · US Style | US Listed |
SPYV is a Large Value fund from State Street Investment Management: $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | SPYV | VXZ |
|---|---|---|
| 2022 | -5.3% | +0.5% |
| 2023 | +22.2% | -44.0% |
| 2024 | +12.2% | -12.7% |
| 2025 | +13.2% | +5.7% |
| 2026 | +12.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.72 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPYV and VXZ?
The SPYV/VXZ correlation stands at -0.72 on a 3-year window (1 year: -0.68, 5 years: -0.70), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SPYV?
By historical standards, yes. A correlation of -0.72 means the two rarely move for the same reasons.
What does a correlation of -0.72 mean?
On the −1 to +1 scale, -0.72 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/spyv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYV correlations · VXZ correlations
