CFFN vs VXZ: Correlation
How closely do Capitol Federal Financial, Inc. (CFFN) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFFN and VXZ?
Over the past 3 years, CFFN and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.43 over 3. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -333.7 %².
VXZ is close to the least connected end of CFFN's tracked universe, ranking #14 of 14. Their recent paths diverged sharply: over the last 12 months CFFN outperformed by 57.1 percentage points (+41.0% for CFFN 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.
CFFN vs VXZ: side by side
| CFFN (Capitol Federal Financial, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +41.0% | -16.1% |
| 5-year return | +4.8% | -53.1% |
| Volatility (ann.) | 30.6% | 25.6% |
| Beta vs S&P 500 | 0.78 | -1.31 |
| Max drawdown (3Y) | -29.0% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 3.93% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CFFN | VXZ |
|---|---|---|
| 2022 | -16.3% | +0.5% |
| 2023 | -21.2% | -44.0% |
| 2024 | -2.9% | -12.7% |
| 2025 | +22.0% | +5.7% |
| 2026 | +31.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFFN and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CFFN and VXZ?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.39 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for CFFN?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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/cffn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cffn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CFFN correlations · VXZ correlations
