CAMT vs VXZ: Correlation
How closely do Camtek Ltd. (CAMT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAMT and VXZ?
Over the past 3 years, CAMT and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.38). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -554.4 %².
Out of 10 assets tracked against CAMT, VXZ lands near the bottom at #8. The last year tells two different stories: CAMT led by 82.7 percentage points, +66.6% for CAMT against -16.1% for VXZ. One caveat on sizing: CAMT is 2.3 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.
CAMT vs VXZ: side by side
| CAMT (Camtek Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +66.6% | -16.1% |
| 5-year return | +253.0% | -53.1% |
| Volatility (ann.) | 57.7% | 25.6% |
| Beta vs S&P 500 | 1.95 | -1.31 |
| Max drawdown (3Y) | -63.2% | -36.4% |
| Market cap | $6.8B | – |
| P/E (trailing) | 193.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAMT | VXZ |
|---|---|---|
| 2022 | -52.3% | +0.5% |
| 2023 | +215.9% | -44.0% |
| 2024 | +18.3% | -12.7% |
| 2025 | +31.7% | +5.7% |
| 2026 | +36.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAMT and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CAMT and VXZ?
As of 2026-08-27, the correlation of weekly returns between CAMT and VXZ is -0.38 over 3 years, -0.16 over 1 year and -0.41 over 5 years.
Is VXZ a good diversifier for CAMT?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/camt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/camt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAMT correlations · VXZ correlations
