SW vs VXZ: Correlation
Measured on weekly returns over the past three years, Smurfit Westrock (SW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SW and VXZ?
Across a 3-year window, the weekly returns of SW and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -370.3 %².
Among the 30 assets we track against SW, VXZ sits near the bottom by co-movement, at rank #29. Their recent paths diverged sharply: over the last 12 months SW outperformed by 25.8 percentage points (+9.7% for SW against -16.1% for VXZ). Risk is not evenly split, since SW carries 1.6 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.
SW vs VXZ: side by side
| SW (Smurfit Westrock) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.7% | -16.1% |
| 5-year return | +2.6% | -53.1% |
| Volatility (ann.) | 40.1% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -40.5% | -36.4% |
| Market cap | $25.5B | – |
| P/E (trailing) | 51.7 | – |
| Dividend yield | 3.57% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SW | VXZ |
|---|---|---|
| 2022 | -28.0% | +0.5% |
| 2023 | +14.1% | -44.0% |
| 2024 | +37.6% | -12.7% |
| 2025 | -26.2% | +5.7% |
| 2026 | +29.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SW and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, SW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SW and VXZ?
The SW/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.37, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SW?
Yes. With a correlation of -0.36, SW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/sw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SW correlations · VXZ correlations
