CELH vs VXZ: Correlation
How closely do Celsius Holdings, Inc. (CELH) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CELH and VXZ?
Over the past 3 years, CELH and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.23). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -392.0 %².
VXZ is close to the least connected end of CELH's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with VXZ ahead by 28.7 points (-44.8% versus -16.1%). Risk is not evenly split, since CELH carries 2.6 times the volatility of the other side.
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.
CELH vs VXZ: side by side
| CELH (Celsius Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.8% | -16.1% |
| 5-year return | +24.3% | -53.1% |
| Volatility (ann.) | 66.5% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -77.9% | -36.4% |
| Market cap | $8.3B | – |
| P/E (trailing) | 143.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CELH | VXZ |
|---|---|---|
| 2022 | +39.5% | +0.5% |
| 2023 | +57.2% | -44.0% |
| 2024 | -51.7% | -12.7% |
| 2025 | +73.7% | +5.7% |
| 2026 | -27.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CELH and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CELH and VXZ?
As of 2026-08-27, the correlation of weekly returns between CELH and VXZ is -0.23 over 3 years, -0.44 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for CELH?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/celh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/celh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CELH correlations · VXZ correlations
