CASS vs VXZ: Correlation
Cass Information Systems, Inc (CASS) 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 -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASS and VXZ?
Over the past 3 years, CASS and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.29 versus -0.42 over 3 years. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -247.2 %².
Out of 10 assets tracked against CASS, VXZ lands near the bottom at #10. The last year tells two different stories: CASS led by 52.2 percentage points, +36.1% for CASS 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.
CASS vs VXZ: side by side
| CASS (Cass Information Systems, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.1% | -16.1% |
| 5-year return | +45.6% | -53.1% |
| Volatility (ann.) | 23.2% | 25.6% |
| Beta vs S&P 500 | 0.66 | -1.31 |
| Max drawdown (3Y) | -20.5% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 20.7 | – |
| Dividend yield | 2.23% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CASS | VXZ |
|---|---|---|
| 2022 | +20.0% | +0.5% |
| 2023 | +1.1% | -44.0% |
| 2024 | -6.7% | -12.7% |
| 2025 | +4.5% | +5.7% |
| 2026 | +38.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.42, CASS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CASS and VXZ?
The CASS/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.29, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CASS?
Yes. With a correlation of -0.42, CASS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/cass-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cass-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CASS correlations · VXZ correlations
