CECO vs VXZ: Correlation
CECO Environmental Corp. (CECO) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CECO and VXZ?
Over the past 3 years, CECO and VXZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.30). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -409.6 %².
Out of 12 assets tracked against CECO, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with CECO ahead by 70.2 points (+54.1% versus -16.1%). One caveat on sizing: CECO is 2.1 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.
CECO vs VXZ: side by side
| CECO (CECO Environmental Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +54.1% | -16.1% |
| 5-year return | +853.0% | -53.1% |
| Volatility (ann.) | 54.0% | 25.6% |
| Beta vs S&P 500 | 0.97 | -1.31 |
| Max drawdown (3Y) | -47.9% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CECO | VXZ |
|---|---|---|
| 2022 | +87.5% | +0.5% |
| 2023 | +73.6% | -44.0% |
| 2024 | +49.1% | -12.7% |
| 2025 | +98.0% | +5.7% |
| 2026 | +20.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CECO and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CECO and VXZ?
As of 2026-08-27, the correlation of weekly returns between CECO and VXZ is -0.30 over 3 years, -0.15 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for CECO?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/ceco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CECO correlations · VXZ correlations
