CGC vs VXZ: Correlation
Measured on weekly returns over the past three years, Canopy Growth Corporation (CGC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGC and VXZ?
Over the past 3 years, CGC and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -808.6 %².
Among the 17 assets we track against CGC, VXZ sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 17.0 percentage points (-33.1% for CGC against -16.1% for VXZ). Risk is not evenly split, since CGC carries 5.2 times the volatility of the other side.
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.
CGC vs VXZ: side by side
| CGC (Canopy Growth Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.1% | -16.1% |
| 5-year return | -99.4% | -53.1% |
| Volatility (ann.) | 133.1% | 25.6% |
| Beta vs S&P 500 | 1.82 | -1.31 |
| Max drawdown (3Y) | -95.1% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGC | VXZ |
|---|---|---|
| 2022 | -73.5% | +0.5% |
| 2023 | -77.9% | -44.0% |
| 2024 | -46.4% | -12.7% |
| 2025 | -58.4% | +5.7% |
| 2026 | -11.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between CGC and VXZ?
As of 2026-08-27, the correlation of weekly returns between CGC and VXZ is -0.24 over 3 years, -0.29 over 1 year and -0.23 over 5 years.
Is VXZ a good diversifier for CGC?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/cgc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGC correlations · VXZ correlations
