CCD vs VXZ: Correlation
Measured on weekly returns over the past three years, Calamos Dynamic Convertible & Income Fund - Closed End Fund (CCD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCD and VXZ?
Across a 3-year window, the weekly returns of CCD and VXZ correlate at -0.48, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.52 over 1 year against -0.48 over 3. Stretching to 5 years gives -0.48, with an annualized covariance of -225.0 %².
Out of 10 assets tracked against CCD, VXZ lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months CCD outperformed by 51.5 percentage points (+35.4% for CCD 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.
CCD vs VXZ: side by side
| CCD (Calamos Dynamic Convertible & Income Fund - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +35.4% | -16.1% |
| 5-year return | +33.4% | -53.1% |
| Volatility (ann.) | 18.4% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -22.3% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 2.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCD | VXZ |
|---|---|---|
| 2022 | -28.0% | +0.5% |
| 2023 | +8.0% | -44.0% |
| 2024 | +35.9% | -12.7% |
| 2025 | -4.3% | +5.7% |
| 2026 | +26.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCD and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between CCD and VXZ?
The CCD/VXZ correlation stands at -0.48 on a 3-year window (1 year: -0.52, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CCD?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/ccd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCD correlations · VXZ correlations
