CET vs VXZ: Correlation
How closely do Central Securities Corporation (CET) 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 -0.70, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CET and VXZ?
On 3 years of weekly data the CET/VXZ correlation comes out at -0.70, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.66) sits close to the 3-year figure. The 5-year figure is -0.62, and annualized covariance runs at -227.8 %².
VXZ is close to the least connected end of CET's tracked universe, ranking #37 of 38. Their recent paths diverged sharply: over the last 12 months CET outperformed by 31.8 percentage points (+15.7% for CET against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 2.0 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.
CET vs VXZ: side by side
| CET (Central Securities Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.7% | -16.1% |
| 5-year return | +73.3% | -53.1% |
| Volatility (ann.) | 12.8% | 25.6% |
| Beta vs S&P 500 | 0.78 | -1.31 |
| Max drawdown (3Y) | -15.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 5.03% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CET | VXZ |
|---|---|---|
| 2022 | -19.7% | +0.5% |
| 2023 | +19.2% | -44.0% |
| 2024 | +26.8% | -12.7% |
| 2025 | +17.2% | +5.7% |
| 2026 | +8.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CET and VXZ good diversifiers for each other?
Yes. With a correlation of -0.70, CET and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CET and VXZ?
The CET/VXZ correlation stands at -0.70 on a 3-year window (1 year: -0.66, 5 years: -0.62), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CET?
Yes. With a correlation of -0.70, CET and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.70 mean?
On the −1 to +1 scale, -0.70 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/cet-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cet-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CET correlations · VXZ correlations
