CEE vs VXZ: Correlation
The Central and Eastern Europe Fund, Inc. (The) (CEE) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and VXZ?
On 3 years of weekly data the CEE/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -316.7 %².
Out of 12 assets tracked against CEE, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months CEE outperformed by 36.9 percentage points (+20.8% for CEE against -16.1% for VXZ).
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.
CEE vs VXZ: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.8% | -16.1% |
| 5-year return | -16.3% | -53.1% |
| Volatility (ann.) | 30.5% | 25.6% |
| Beta vs S&P 500 | 1.06 | -1.31 |
| Max drawdown (3Y) | -22.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 1.92% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEE | VXZ |
|---|---|---|
| 2022 | -67.8% | +0.5% |
| 2023 | +22.6% | -44.0% |
| 2024 | +15.5% | -12.7% |
| 2025 | +65.6% | +5.7% |
| 2026 | +12.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, CEE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CEE and VXZ?
The CEE/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.35, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CEE?
Yes. With a correlation of -0.41, CEE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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/cee-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cee-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEE correlations · VXZ correlations
