CAL vs VXZ: Correlation
Caleres, Inc. (CAL) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and VXZ?
Across a 3-year window, the weekly returns of CAL and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.32 over 3 years. Stretching to 5 years gives -0.35, with an annualized covariance of -461.6 %².
Out of 16 assets tracked against CAL, VXZ lands near the bottom at #15. Their 12-month results are close: -17.4% for CAL against -16.1% for VXZ. Note the risk asymmetry: CAL runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CAL vs VXZ: side by side
| CAL (Caleres, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.4% | -16.1% |
| 5-year return | -45.9% | -53.1% |
| Volatility (ann.) | 55.9% | 25.6% |
| Beta vs S&P 500 | 1.37 | -1.31 |
| Max drawdown (3Y) | -79.4% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.14% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | VXZ |
|---|---|---|
| 2022 | -0.6% | +0.5% |
| 2023 | +39.4% | -44.0% |
| 2024 | -23.9% | -12.7% |
| 2025 | -46.4% | +5.7% |
| 2026 | +4.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, CAL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAL and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.44 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for CAL?
Yes. With a correlation of -0.32, CAL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/cal-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cal-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAL correlations · VXZ correlations
