CCO vs VXZ: Correlation
Clear Channel Outdoor Holdings, Inc. (CCO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and VXZ?
Across a 3-year window, the weekly returns of CCO and VXZ correlate at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.34 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -415.0 %².
Among the 11 assets we track against CCO, VXZ sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months CCO outperformed by 104.3 percentage points (+88.2% for CCO against -16.1% for VXZ). One caveat on sizing: CCO is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CCO vs VXZ: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +88.2% | -16.1% |
| 5-year return | -6.3% | -53.1% |
| Volatility (ann.) | 48.4% | 25.6% |
| Beta vs S&P 500 | 1.25 | -1.31 |
| Max drawdown (3Y) | -57.1% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCO | VXZ |
|---|---|---|
| 2022 | -68.3% | +0.5% |
| 2023 | +73.3% | -44.0% |
| 2024 | -24.7% | -12.7% |
| 2025 | +61.3% | +5.7% |
| 2026 | +8.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCO and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.26 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for CCO?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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/cco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCO correlations · VXZ correlations
