CAR vs VXZ: Correlation
Avis Budget Group, Inc. (CAR) 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 -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAR and VXZ?
Over the past 3 years, CAR and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -641.7 %².
Among the 10 assets we track against CAR, VXZ sits near the bottom by co-movement, at rank #9. On 12-month performance CAR holds a 5.0-point edge, -11.1% against -16.1%. One caveat on sizing: CAR is 3.5 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.
CAR vs VXZ: side by side
| CAR (Avis Budget Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.1% | -16.1% |
| 5-year return | +63.5% | -53.1% |
| Volatility (ann.) | 89.7% | 25.6% |
| Beta vs S&P 500 | 1.84 | -1.31 |
| Max drawdown (3Y) | -80.8% | -36.4% |
| Market cap | $4.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAR | VXZ |
|---|---|---|
| 2022 | -20.9% | +0.5% |
| 2023 | +13.8% | -44.0% |
| 2024 | -54.5% | -12.7% |
| 2025 | +59.2% | +5.7% |
| 2026 | +8.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between CAR and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.28 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for CAR?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/car-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/car-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAR correlations · VXZ correlations
