CBL vs VXZ: Correlation
How closely do CBL & Associates Properties, Inc. (CBL) 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 -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBL and VXZ?
Over the past 3 years, CBL and VXZ moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.44). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -293.2 %².
Out of 10 assets tracked against CBL, VXZ lands near the bottom at #10. The last year tells two different stories: CBL led by 101.3 percentage points, +85.2% for CBL 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.
CBL vs VXZ: side by side
| CBL (CBL & Associates Properties, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +85.2% | -16.1% |
| 5-year return | +159.7% | -53.1% |
| Volatility (ann.) | 26.3% | 25.6% |
| Beta vs S&P 500 | 0.66 | -1.31 |
| Max drawdown (3Y) | -29.1% | -36.4% |
| Market cap | $1.7B | – |
| P/E (trailing) | 7.9 | – |
| Dividend yield | 3.27% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBL | VXZ |
|---|---|---|
| 2022 | -18.0% | +0.5% |
| 2023 | +13.0% | -44.0% |
| 2024 | +28.5% | -12.7% |
| 2025 | +37.2% | +5.7% |
| 2026 | +52.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBL and VXZ good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBL and VXZ?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.26 over the last year and -0.42 over 5 years.
Is VXZ a good diversifier for CBL?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 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/cbl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CBL correlations · VXZ correlations
