CE vs VXZ: Correlation
Celanese Corporation (CE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CE and VXZ?
On 3 years of weekly data the CE/VXZ correlation comes out at -0.28, 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 (-0.28). The 5-year figure is -0.36, and annualized covariance runs at -357.1 %².
Out of 14 assets tracked against CE, VXZ lands near the bottom at #14. Over the last 12 months CE came out ahead by 11.5 percentage points (-4.6% against -16.1%). One caveat on sizing: CE is 1.9 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.
CE vs VXZ: side by side
| CE (Celanese Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.6% | -16.1% |
| 5-year return | -69.7% | -53.1% |
| Volatility (ann.) | 49.7% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -79.0% | -36.4% |
| Market cap | $4.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.27% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CE | VXZ |
|---|---|---|
| 2022 | -37.8% | +0.5% |
| 2023 | +55.7% | -44.0% |
| 2024 | -54.6% | -12.7% |
| 2025 | -38.8% | +5.7% |
| 2026 | +6.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CE 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 CE and VXZ?
As of 2026-08-27, the correlation of weekly returns between CE and VXZ is -0.28 over 3 years, -0.10 over 1 year and -0.36 over 5 years.
Is VXZ a good diversifier for CE?
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?
On the −1 to +1 scale, -0.28 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/ce-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ce-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CE correlations · VXZ correlations
