CG vs VXZ: Correlation
Measured on weekly returns over the past three years, The Carlyle Group Inc. (CG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.58, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CG and VXZ?
Across a 3-year window, the weekly returns of CG and VXZ correlate at -0.58, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.54 lands near the 3-year figure. Stretching to 5 years gives -0.61, with an annualized covariance of -544.7 %².
Out of 21 assets tracked against CG, VXZ lands near the bottom at #21. Over the last 12 months VXZ came out ahead by 5.7 percentage points (-21.8% against -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.
CG vs VXZ: side by side
| CG (The Carlyle Group Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -21.8% | -16.1% |
| 5-year return | +18.0% | -53.1% |
| Volatility (ann.) | 36.8% | 25.6% |
| Beta vs S&P 500 | 1.68 | -1.31 |
| Max drawdown (3Y) | -40.4% | -36.4% |
| Market cap | $17.5B | – |
| P/E (trailing) | 50.8 | – |
| Dividend yield | 2.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CG | VXZ |
|---|---|---|
| 2022 | -43.8% | +0.5% |
| 2023 | +42.6% | -44.0% |
| 2024 | +28.1% | -12.7% |
| 2025 | +20.2% | +5.7% |
| 2026 | -14.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CG and VXZ good diversifiers for each other?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CG and VXZ?
As of 2026-08-27, the correlation of weekly returns between CG and VXZ is -0.58 over 3 years, -0.54 over 1 year and -0.61 over 5 years.
Is VXZ a good diversifier for CG?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 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/cg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CG correlations · VXZ correlations
