CDW vs VXZ: Correlation
How closely do CDW Corporation (CDW) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and VXZ?
Across a 3-year window, the weekly returns of CDW and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -351.0 %².
Among the 40 assets we track against CDW, VXZ sits near the bottom by co-movement, at rank #39. The trailing year gives CDW the advantage: -8.0% versus -16.1%, a 8.1-point spread.
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.
CDW vs VXZ: side by side
| CDW (CDW Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.0% | -16.1% |
| 5-year return | -20.5% | -53.1% |
| Volatility (ann.) | 34.2% | 25.6% |
| Beta vs S&P 500 | 1.01 | -1.31 |
| Max drawdown (3Y) | -60.4% | -36.4% |
| Market cap | $18.6B | – |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 1.78% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDW | VXZ |
|---|---|---|
| 2022 | -11.7% | +0.5% |
| 2023 | +28.8% | -44.0% |
| 2024 | -22.6% | -12.7% |
| 2025 | -20.6% | +5.7% |
| 2026 | +11.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDW and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.35 over the last year and -0.41 over 5 years.
Is VXZ a good diversifier for CDW?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/cdw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDW correlations · VXZ correlations
