CAC vs VXZ: Correlation
Measured on weekly returns over the past three years, Camden National Corporation (CAC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.52, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAC and VXZ?
On 3 years of weekly data the CAC/VXZ correlation comes out at -0.52, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.37) runs above the 3-year figure (-0.52). The 5-year figure is -0.39, and annualized covariance runs at -383.6 %².
Among the 24 assets we track against CAC, VXZ sits near the bottom by co-movement, at rank #24. The last year tells two different stories: CAC led by 59.4 percentage points, +43.3% for CAC 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.
CAC vs VXZ: side by side
| CAC (Camden National Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +43.3% | -16.1% |
| 5-year return | +51.3% | -53.1% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -26.0% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 2.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAC | VXZ |
|---|---|---|
| 2022 | -10.3% | +0.5% |
| 2023 | -5.0% | -44.0% |
| 2024 | +19.1% | -12.7% |
| 2025 | +5.8% | +5.7% |
| 2026 | +34.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAC and VXZ good diversifiers for each other?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CAC and VXZ?
Using weekly returns as of 2026-08-27: -0.52 over 3 years, with -0.37 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for CAC?
Yes: at -0.52, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.52 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/cac-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cac-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAC correlations · VXZ correlations
