CARR vs VXZ: Correlation
How closely do Carrier Global (CARR) 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 -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and VXZ?
Across a 3-year window, the weekly returns of CARR and VXZ correlate at -0.51, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.35) runs above the 3-year figure (-0.51). Stretching to 5 years gives -0.55, with an annualized covariance of -425.9 %².
VXZ is close to the least connected end of CARR's tracked universe, ranking #29 of 29. Their 12-month results are close: -11.6% for CARR against -16.1% for VXZ.
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.
CARR vs VXZ: side by side
| CARR (Carrier Global) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.6% | -16.1% |
| 5-year return | +8.8% | -53.1% |
| Volatility (ann.) | 32.6% | 25.6% |
| Beta vs S&P 500 | 1.21 | -1.31 |
| Max drawdown (3Y) | -38.1% | -36.4% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | VXZ |
|---|---|---|
| 2022 | -22.7% | +0.5% |
| 2023 | +41.5% | -44.0% |
| 2024 | +20.3% | -12.7% |
| 2025 | -21.8% | +5.7% |
| 2026 | +12.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.51, CARR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CARR and VXZ?
The CARR/VXZ correlation stands at -0.51 on a 3-year window (1 year: -0.35, 5 years: -0.55), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CARR?
Yes. With a correlation of -0.51, CARR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 mean?
A reading of -0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/carr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/carr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CARR correlations · VXZ correlations
