SRL vs VXZ: Correlation
Scully Royalty Ltd. (SRL) 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 -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SRL and VXZ?
Over the past 3 years, SRL and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -310.8 %².
Out of 10 assets tracked against SRL, VXZ lands near the bottom at #10. The last year tells two different stories: SRL led by 26.3 percentage points, +10.2% for SRL against -16.1% for VXZ. Risk is not evenly split, since SRL carries 2.0 times the volatility of the other side.
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.
SRL vs VXZ: side by side
| SRL (Scully Royalty Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -16.1% |
| 5-year return | -40.6% | -53.1% |
| Volatility (ann.) | 50.0% | 25.6% |
| Beta vs S&P 500 | 0.34 | -1.31 |
| Max drawdown (3Y) | -51.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SRL | VXZ |
|---|---|---|
| 2022 | -4.5% | +0.5% |
| 2023 | -19.1% | -44.0% |
| 2024 | +51.6% | -12.7% |
| 2025 | -4.5% | +5.7% |
| 2026 | -31.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SRL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between SRL and VXZ?
As of 2026-08-27, the correlation of weekly returns between SRL and VXZ is -0.24 over 3 years, -0.20 over 1 year and -0.24 over 5 years.
Is VXZ a good diversifier for SRL?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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/srl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/srl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SRL correlations · VXZ correlations
