CAAS vs VXZ: Correlation
Measured on weekly returns over the past three years, China Automotive Systems, Inc. (CAAS) 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 CAAS and VXZ?
Across a 3-year window, the weekly returns of CAAS and VXZ correlate at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -193.8 %².
Among the 12 assets we track against CAAS, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with CAAS ahead by 40.9 points (+24.8% 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.
CAAS vs VXZ: side by side
| CAAS (China Automotive Systems, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.8% | -16.1% |
| 5-year return | +72.1% | -53.1% |
| Volatility (ann.) | 34.5% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -32.9% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | VXZ |
|---|---|---|
| 2022 | +116.4% | +0.5% |
| 2023 | -44.3% | -44.0% |
| 2024 | +52.0% | -12.7% |
| 2025 | +3.9% | +5.7% |
| 2026 | +18.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.22, CAAS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAAS and VXZ?
As of 2026-08-27, the correlation of weekly returns between CAAS and VXZ is -0.22 over 3 years, -0.29 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for CAAS?
Yes. With a correlation of -0.22, CAAS 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/caas-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caas-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAAS correlations · VXZ correlations
