CCNE vs VXZ: Correlation
Measured on weekly returns over the past three years, CNB Financial Corporation (CCNE) 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 CCNE and VXZ?
On 3 years of weekly data the CCNE/VXZ correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.34) than the 3-year average (-0.48). The 5-year figure is -0.44, and annualized covariance runs at -356.8 %².
Among the 27 assets we track against CCNE, VXZ sits near the bottom by co-movement, at rank #27. Their recent paths diverged sharply: over the last 12 months CCNE outperformed by 46.3 percentage points (+30.2% for CCNE 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.
CCNE vs VXZ: side by side
| CCNE (CNB Financial Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.2% | -16.1% |
| 5-year return | +61.1% | -53.1% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -29.7% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 2.18% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCNE | VXZ |
|---|---|---|
| 2022 | -7.8% | +0.5% |
| 2023 | -1.6% | -44.0% |
| 2024 | +13.6% | -12.7% |
| 2025 | +8.4% | +5.7% |
| 2026 | +31.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCNE 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 CCNE and VXZ?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.34 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for CCNE?
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/ccne-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccne-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCNE correlations · VXZ correlations
