CALX vs VXZ: Correlation
Calix, Inc (CALX) 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 CALX and VXZ?
Across a 3-year window, the weekly returns of CALX and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -320.3 %².
Among the 10 assets we track against CALX, VXZ sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 20.4 percentage points (-36.5% for CALX against -16.1% for VXZ). One caveat on sizing: CALX is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CALX vs VXZ: side by side
| CALX (Calix, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -36.5% | -16.1% |
| 5-year return | -20.0% | -53.1% |
| Volatility (ann.) | 42.1% | 25.6% |
| Beta vs S&P 500 | 1.14 | -1.31 |
| Max drawdown (3Y) | -48.6% | -36.4% |
| Market cap | $2.4B | – |
| P/E (trailing) | 50.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALX | VXZ |
|---|---|---|
| 2022 | -14.4% | +0.5% |
| 2023 | -36.2% | -44.0% |
| 2024 | -20.2% | -12.7% |
| 2025 | +51.8% | +5.7% |
| 2026 | -28.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, CALX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CALX and VXZ?
The CALX/VXZ correlation stands at -0.30 on a 3-year window (1 year: -0.23, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CALX?
Yes. With a correlation of -0.30, CALX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/calx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/calx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CALX correlations · VXZ correlations
