CFR vs VXZ: Correlation
How closely do Cullen/Frost Bankers, Inc. (CFR) 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 -0.52, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFR and VXZ?
Across a 3-year window, the weekly returns of CFR and VXZ correlate at -0.52, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.32) runs above the 3-year figure (-0.52). Stretching to 5 years gives -0.48, with an annualized covariance of -338.8 %².
Out of 12 assets tracked against CFR, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with CFR ahead by 42.2 points (+26.1% 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.
CFR vs VXZ: side by side
| CFR (Cullen/Frost Bankers, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.1% | -16.1% |
| 5-year return | +64.2% | -53.1% |
| Volatility (ann.) | 25.6% | 25.6% |
| Beta vs S&P 500 | 0.76 | -1.31 |
| Max drawdown (3Y) | -26.5% | -36.4% |
| Market cap | $10.0B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 2.47% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CFR | VXZ |
|---|---|---|
| 2022 | +8.7% | +0.5% |
| 2023 | -16.1% | -44.0% |
| 2024 | +27.9% | -12.7% |
| 2025 | -2.8% | +5.7% |
| 2026 | +29.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.52 means the two rarely move for the same reasons.
FAQ
What is the correlation between CFR and VXZ?
The CFR/VXZ correlation stands at -0.52 on a 3-year window (1 year: -0.32, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CFR?
By historical standards, yes. A correlation of -0.52 means the two rarely move for the same reasons.
What does a correlation of -0.52 mean?
On the −1 to +1 scale, -0.52 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/cfr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cfr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CFR correlations · VXZ correlations
