CART vs VXZ: Correlation
Maplebear Inc. (CART) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CART and VXZ?
Across a 3-year window, the weekly returns of CART and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -273.8 %².
Out of 11 assets tracked against CART, VXZ lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months CART outperformed by 32.7 percentage points (+16.6% for CART against -16.1% for VXZ). Note the risk asymmetry: CART runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CART vs VXZ: side by side
| CART (Maplebear Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.6% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 39.6% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -38.0% | -36.4% |
| Market cap | $11.7B | – |
| P/E (trailing) | 27.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CART | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +76.5% | -12.7% |
| 2025 | +8.6% | +5.7% |
| 2026 | +12.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CART and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CART and VXZ?
As of 2026-08-27, the correlation of weekly returns between CART and VXZ is -0.27 over 3 years, -0.32 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for CART?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 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/cart-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cart-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CART correlations · VXZ correlations
