STEW vs VXZ: Correlation
SRH Total Return Fund, Inc. (STEW) 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 -0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STEW and VXZ?
Over the past 3 years, STEW and VXZ moved with a correlation of -0.65, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.60 over 1 year against -0.65 over 3. Over 5 years the correlation is -0.61, and the annualized covariance of weekly returns is -233.6 %².
VXZ is close to the least connected end of STEW's tracked universe, ranking #26 of 26. The last year tells two different stories: STEW led by 21.3 percentage points, +5.2% for STEW 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.
STEW vs VXZ: side by side
| STEW (SRH Total Return Fund, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.2% | -16.1% |
| 5-year return | +61.2% | -53.1% |
| Volatility (ann.) | 14.1% | 25.6% |
| Beta vs S&P 500 | 0.67 | -1.31 |
| Max drawdown (3Y) | -10.5% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 3.91% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | STEW | VXZ |
|---|---|---|
| 2022 | -7.3% | +0.5% |
| 2023 | +13.5% | -44.0% |
| 2024 | +19.9% | -12.7% |
| 2025 | +20.3% | +5.7% |
| 2026 | +3.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STEW 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 STEW and VXZ?
The STEW/VXZ correlation stands at -0.65 on a 3-year window (1 year: -0.60, 5 years: -0.61), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for STEW?
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/stew-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/stew-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: STEW correlations · VXZ correlations
