CCEP vs VXZ: Correlation
Measured on weekly returns over the past three years, Coca-Cola Europacific Partners plc (CCEP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEP and VXZ?
Across a 3-year window, the weekly returns of CCEP and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -147.6 %².
VXZ is close to the least connected end of CCEP's tracked universe, ranking #17 of 17. Their recent paths diverged sharply: over the last 12 months CCEP outperformed by 40.6 percentage points (+24.5% for CCEP 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.
CCEP vs VXZ: side by side
| CCEP (Coca-Cola Europacific Partners plc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.5% | -16.1% |
| 5-year return | +115.3% | -53.1% |
| Volatility (ann.) | 19.3% | 25.6% |
| Beta vs S&P 500 | 0.39 | -1.31 |
| Max drawdown (3Y) | -18.2% | -36.4% |
| Market cap | $47.4B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 1.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCEP | VXZ |
|---|---|---|
| 2022 | +2.3% | +0.5% |
| 2023 | +24.5% | -44.0% |
| 2024 | +18.4% | -12.7% |
| 2025 | +21.2% | +5.7% |
| 2026 | +19.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, CCEP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCEP and VXZ?
As of 2026-08-27, the correlation of weekly returns between CCEP and VXZ is -0.30 over 3 years, -0.31 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for CCEP?
Yes. With a correlation of -0.30, CCEP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/ccep-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccep-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCEP correlations · VXZ correlations
