CDZI vs VXX: Correlation
How closely do Cadiz, Inc. (CDZI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDZI and VXX?
Across a 3-year window, the weekly returns of CDZI and VXX correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.32). Stretching to 5 years gives -0.28, with an annualized covariance of -1201.9 %².
Among the 10 assets we track against CDZI, VXX sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months CDZI outperformed by 57.6 percentage points (+7.9% for CDZI against -49.7% for VXX).
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.
CDZI vs VXX: side by side
| CDZI (Cadiz, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.9% | -49.7% |
| 5-year return | -70.6% | -95.6% |
| Volatility (ann.) | 61.2% | 60.9% |
| Beta vs S&P 500 | 1.31 | -3.31 |
| Max drawdown (3Y) | -56.9% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDZI | VXX |
|---|---|---|
| 2022 | -35.2% | -23.8% |
| 2023 | +12.0% | -72.5% |
| 2024 | +85.7% | -26.2% |
| 2025 | +7.9% | -42.2% |
| 2026 | -29.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDZI and VXX good diversifiers for each other?
Yes. With a correlation of -0.32, CDZI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CDZI and VXX?
As of 2026-08-27, the correlation of weekly returns between CDZI and VXX is -0.32 over 3 years, -0.10 over 1 year and -0.28 over 5 years.
Is VXX a good diversifier for CDZI?
Yes. With a correlation of -0.32, CDZI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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/cdzi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdzi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDZI correlations · VXX correlations
