CAT vs VXZ: Correlation
Measured on weekly returns over the past three years, Caterpillar Inc. (CAT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAT and VXZ?
On 3 years of weekly data the CAT/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.43). The 5-year figure is -0.46, and annualized covariance runs at -320.3 %².
Among the 36 assets we track against CAT, VXZ sits near the bottom by co-movement, at rank #35. The last year tells two different stories: CAT led by 106.6 percentage points, +90.5% for CAT 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.
CAT vs VXZ: side by side
| CAT (Caterpillar Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +90.5% | -16.1% |
| 5-year return | +321.1% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 1.03 | -1.31 |
| Max drawdown (3Y) | -34.0% | -36.4% |
| Market cap | $375.6B | – |
| P/E (trailing) | 35.3 | – |
| Dividend yield | 0.75% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CAT | VXZ |
|---|---|---|
| 2022 | +18.6% | +0.5% |
| 2023 | +25.9% | -44.0% |
| 2024 | +24.7% | -12.7% |
| 2025 | +60.3% | +5.7% |
| 2026 | +43.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between CAT and VXZ?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.17 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for CAT?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/cat-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cat-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAT correlations · VXZ correlations
