CDZI vs VXZ: Correlation
How closely do Cadiz, Inc. (CDZI) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDZI and VXZ?
Across a 3-year window, the weekly returns of CDZI and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.10) runs above the 3-year figure (-0.33). Stretching to 5 years gives -0.31, with an annualized covariance of -510.5 %².
Out of 10 assets tracked against CDZI, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CDZI ahead by 24.0 points (+7.9% versus -16.1%). Note the risk asymmetry: CDZI runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXZ: side by side
| CDZI (Cadiz, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.9% | -16.1% |
| 5-year return | -70.6% | -53.1% |
| Volatility (ann.) | 61.2% | 25.6% |
| Beta vs S&P 500 | 1.31 | -1.31 |
| Max drawdown (3Y) | -56.9% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDZI | VXZ |
|---|---|---|
| 2022 | -35.2% | +0.5% |
| 2023 | +12.0% | -44.0% |
| 2024 | +85.7% | -12.7% |
| 2025 | +7.9% | +5.7% |
| 2026 | -29.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDZI and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CDZI and VXZ?
As of 2026-08-27, the correlation of weekly returns between CDZI and VXZ is -0.33 over 3 years, -0.10 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for CDZI?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdzi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdzi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDZI correlations · VXZ correlations
