CAVA vs VXZ: Correlation
Measured on weekly returns over the past three years, CAVA Group, Inc. (CAVA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAVA and VXZ?
Across a 3-year window, the weekly returns of CAVA and VXZ correlate at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -436.2 %².
Among the 13 assets we track against CAVA, VXZ sits near the bottom by co-movement, at rank #11. Over the last 12 months CAVA came out ahead by 14.9 percentage points (-1.2% against -16.1%). One caveat on sizing: CAVA is 2.3 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.
CAVA vs VXZ: side by side
| CAVA (CAVA Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.2% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 59.9% | 25.6% |
| Beta vs S&P 500 | 1.78 | -1.31 |
| Max drawdown (3Y) | -71.1% | -36.4% |
| Market cap | $7.8B | – |
| P/E (trailing) | 119.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAVA | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +162.4% | -12.7% |
| 2025 | -48.0% | +5.7% |
| 2026 | +14.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAVA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, CAVA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAVA and VXZ?
As of 2026-08-27, the correlation of weekly returns between CAVA and VXZ is -0.28 over 3 years, -0.23 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for CAVA?
Yes. With a correlation of -0.28, CAVA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/cava-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cava-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAVA correlations · VXZ correlations
