SWVL vs VXZ: Correlation
Measured on weekly returns over the past three years, Swvl Holdings Corp (SWVL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SWVL and VXZ?
On 3 years of weekly data the SWVL/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. The 5-year figure is -0.17, and annualized covariance runs at -684.0 %².
VXZ is close to the least connected end of SWVL's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 21.3 percentage points (-37.4% for SWVL against -16.1% for VXZ). Risk is not evenly split, since SWVL carries 4.8 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.
SWVL vs VXZ: side by side
| SWVL (Swvl Holdings Corp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -37.4% | -16.1% |
| 5-year return | -99.1% | -53.1% |
| Volatility (ann.) | 122.0% | 25.6% |
| Beta vs S&P 500 | 1.20 | -1.31 |
| Max drawdown (3Y) | -92.3% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SWVL | VXZ |
|---|---|---|
| 2022 | -98.6% | +0.5% |
| 2023 | -51.1% | -44.0% |
| 2024 | +281.3% | -12.7% |
| 2025 | -70.2% | +5.7% |
| 2026 | +16.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SWVL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, SWVL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SWVL and VXZ?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.27 over the last year and -0.17 over 5 years.
Is VXZ a good diversifier for SWVL?
Yes. With a correlation of -0.22, SWVL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/swvl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/swvl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SWVL correlations · VXZ correlations
