CCL vs VXZ: Correlation
Measured on weekly returns over the past three years, Carnival Corporation (CCL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and VXZ?
On 3 years of weekly data the CCL/VXZ correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.45 lands near the 3-year figure. The 5-year figure is -0.53, and annualized covariance runs at -594.3 %².
VXZ is close to the least connected end of CCL's tracked universe, ranking #39 of 40. On 12-month performance VXZ holds a 5.5-point edge, -21.6% against -16.1%. Note the risk asymmetry: CCL runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CCL vs VXZ: side by side
| CCL (Carnival Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -21.6% | -16.1% |
| 5-year return | +7.3% | -53.1% |
| Volatility (ann.) | 46.5% | 25.6% |
| Beta vs S&P 500 | 1.72 | -1.31 |
| Max drawdown (3Y) | -42.3% | -36.4% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | VXZ |
|---|---|---|
| 2022 | -59.9% | +0.5% |
| 2023 | +130.0% | -44.0% |
| 2024 | +34.4% | -12.7% |
| 2025 | +22.6% | +5.7% |
| 2026 | -17.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between CCL and VXZ?
The CCL/VXZ correlation stands at -0.50 on a 3-year window (1 year: -0.45, 5 years: -0.53), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CCL?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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/ccl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCL correlations · VXZ correlations
