CFG vs VXZ: Correlation
How closely do Citizens Financial Group (CFG) 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 -0.60, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFG and VXZ?
Across a 3-year window, the weekly returns of CFG and VXZ correlate at -0.60, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.48) runs above the 3-year figure (-0.60). Stretching to 5 years gives -0.56, with an annualized covariance of -476.5 %².
Out of 46 assets tracked against CFG, VXZ lands near the bottom at #46. Correlation aside, the last 12 months split them widely, with CFG ahead by 55.4 points (+39.3% versus -16.1%).
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.
CFG vs VXZ: side by side
| CFG (Citizens Financial Group) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +39.3% | -16.1% |
| 5-year return | +98.3% | -53.1% |
| Volatility (ann.) | 31.0% | 25.6% |
| Beta vs S&P 500 | 1.16 | -1.31 |
| Max drawdown (3Y) | -29.1% | -36.4% |
| Market cap | $29.6B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 2.55% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CFG | VXZ |
|---|---|---|
| 2022 | -13.4% | +0.5% |
| 2023 | -11.0% | -44.0% |
| 2024 | +38.0% | -12.7% |
| 2025 | +38.6% | +5.7% |
| 2026 | +22.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFG and VXZ good diversifiers for each other?
Yes: at -0.60, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CFG and VXZ?
Using weekly returns as of 2026-08-27: -0.60 over 3 years, with -0.48 over the last year and -0.56 over 5 years.
Is VXZ a good diversifier for CFG?
Yes: at -0.60, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.60 mean?
A reading of -0.60 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/cfg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cfg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CFG correlations · VXZ correlations
