SWX vs VXZ: Correlation
Southwest Gas Holdings, Inc. (SWX) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SWX and VXZ?
On 3 years of weekly data the SWX/VXZ correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.30). The 5-year figure is -0.30, and annualized covariance runs at -163.1 %².
Out of 10 assets tracked against SWX, VXZ lands near the bottom at #10. The last year tells two different stories: SWX led by 33.8 percentage points, +17.7% for SWX against -16.1% for VXZ.
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.
SWX vs VXZ: side by side
| SWX (Southwest Gas Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.7% | -16.1% |
| 5-year return | +51.6% | -53.1% |
| Volatility (ann.) | 21.1% | 25.6% |
| Beta vs S&P 500 | 0.35 | -1.31 |
| Max drawdown (3Y) | -14.8% | -36.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 2.76% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SWX | VXZ |
|---|---|---|
| 2022 | -8.7% | +0.5% |
| 2023 | +6.6% | -44.0% |
| 2024 | +15.7% | -12.7% |
| 2025 | +16.9% | +5.7% |
| 2026 | +14.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SWX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, SWX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SWX and VXZ?
The SWX/VXZ correlation stands at -0.30 on a 3-year window (1 year: -0.13, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for SWX?
Yes. With a correlation of -0.30, SWX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/swx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/swx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SWX correlations · VXZ correlations
