CDE vs VXZ: Correlation
Measured on weekly returns over the past three years, Coeur Mining, Inc. (CDE) 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 CDE and VXZ?
Over the past 3 years, CDE and VXZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.52) runs below the 3-year figure (-0.30). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -573.3 %².
Out of 10 assets tracked against CDE, VXZ lands near the bottom at #8. The last year tells two different stories: CDE led by 94.4 percentage points, +78.3% for CDE against -16.1% for VXZ. One caveat on sizing: CDE is 2.9 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.
CDE vs VXZ: side by side
| CDE (Coeur Mining, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +78.3% | -16.1% |
| 5-year return | +222.7% | -53.1% |
| Volatility (ann.) | 74.8% | 25.6% |
| Beta vs S&P 500 | 1.98 | -1.31 |
| Max drawdown (3Y) | -47.8% | -36.4% |
| Market cap | $22.8B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.09% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDE | VXZ |
|---|---|---|
| 2022 | -33.3% | +0.5% |
| 2023 | -3.0% | -44.0% |
| 2024 | +75.5% | -12.7% |
| 2025 | +211.7% | +5.7% |
| 2026 | +24.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDE and VXZ?
As of 2026-08-27, the correlation of weekly returns between CDE and VXZ is -0.30 over 3 years, -0.52 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for CDE?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cde-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cde-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDE correlations · VXZ correlations
