STLD vs VXZ: Correlation
How closely do Steel Dynamics (STLD) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STLD and VXZ?
On 3 years of weekly data the STLD/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.38 over 3 years. The 5-year figure is -0.43, and annualized covariance runs at -338.7 %².
VXZ is close to the least connected end of STLD's tracked universe, ranking #33 of 33. Correlation aside, the last 12 months split them widely, with STLD ahead by 95.9 points (+79.8% versus -16.1%).
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.
STLD vs VXZ: side by side
| STLD (Steel Dynamics) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +79.8% | -16.1% |
| 5-year return | +262.0% | -53.1% |
| Volatility (ann.) | 34.5% | 25.6% |
| Beta vs S&P 500 | 1.13 | -1.31 |
| Max drawdown (3Y) | -28.7% | -36.4% |
| Market cap | $33.8B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 0.87% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | STLD | VXZ |
|---|---|---|
| 2022 | +60.1% | +0.5% |
| 2023 | +22.8% | -44.0% |
| 2024 | -2.0% | -12.7% |
| 2025 | +50.7% | +5.7% |
| 2026 | +39.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STLD and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between STLD and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.19 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for STLD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/stld-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/stld-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: STLD correlations · VXZ correlations
