SRFM vs VXZ: Correlation
How closely do Surf Air Mobility Inc. (SRFM) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SRFM and VXZ?
Across a 3-year window, the weekly returns of SRFM and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.27 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -1037.7 %².
VXZ is close to the least connected end of SRFM's tracked universe, ranking #10 of 11. The last year tells two different stories: VXZ led by 67.8 percentage points, -83.9% for SRFM against -16.1% for VXZ. Note the risk asymmetry: SRFM runs 5.9 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.
SRFM vs VXZ: side by side
| SRFM (Surf Air Mobility Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -83.9% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 150.4% | 25.6% |
| Beta vs S&P 500 | 3.45 | -1.31 |
| Max drawdown (3Y) | -96.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SRFM | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | -50.3% | -12.7% |
| 2025 | -64.0% | +5.7% |
| 2026 | -62.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SRFM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between SRFM and VXZ?
As of 2026-08-27, the correlation of weekly returns between SRFM and VXZ is -0.27 over 3 years, -0.30 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for SRFM?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/srfm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/srfm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SRFM correlations · VXZ correlations
