CALY vs VXZ: Correlation
Callaway Golf Company (CALY) 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 -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALY and VXZ?
Across a 3-year window, the weekly returns of CALY and VXZ correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.21). Stretching to 5 years gives -0.31, with an annualized covariance of -300.1 %².
Out of 16 assets tracked against CALY, VXZ lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months CALY outperformed by 73.7 percentage points (+57.6% for CALY against -16.1% for VXZ). One caveat on sizing: CALY is 2.2 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.
CALY vs VXZ: side by side
| CALY (Callaway Golf Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.6% | -16.1% |
| 5-year return | -45.7% | -53.1% |
| Volatility (ann.) | 55.5% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -68.1% | -36.4% |
| Market cap | $2.8B | – |
| P/E (trailing) | 36.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALY | VXZ |
|---|---|---|
| 2022 | -28.0% | +0.5% |
| 2023 | -27.4% | -44.0% |
| 2024 | -45.2% | -12.7% |
| 2025 | +48.5% | +5.7% |
| 2026 | +32.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between CALY and VXZ?
The CALY/VXZ correlation stands at -0.21 on a 3-year window (1 year: -0.44, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CALY?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/caly-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caly-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CALY correlations · VXZ correlations
