CCU vs VXZ: Correlation
How closely do Compania Cervecerias Unidas, S.A. (CCU) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCU and VXZ?
On 3 years of weekly data the CCU/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.28). The 5-year figure is -0.33, and annualized covariance runs at -200.9 %².
VXZ is close to the least connected end of CCU's tracked universe, ranking #11 of 11. The last year tells two different stories: CCU led by 16.9 percentage points, +0.8% for CCU 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.
CCU vs VXZ: side by side
| CCU (Compania Cervecerias Unidas, S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.8% | -16.1% |
| 5-year return | -22.7% | -53.1% |
| Volatility (ann.) | 28.3% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -30.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCU | VXZ |
|---|---|---|
| 2022 | -15.0% | +0.5% |
| 2023 | -2.5% | -44.0% |
| 2024 | -6.2% | -12.7% |
| 2025 | +14.2% | +5.7% |
| 2026 | -3.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCU and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCU and VXZ?
The CCU/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.42, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CCU?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/ccu-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccu-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCU correlations · VXZ correlations
