CGEM vs VXZ: Correlation
Measured on weekly returns over the past three years, Cullinan Therapeutics, Inc. (CGEM) 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 CGEM and VXZ?
Across a 3-year window, the weekly returns of CGEM and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.23, with an annualized covariance of -441.5 %².
VXZ is close to the least connected end of CGEM's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with CGEM ahead by 201.1 points (+185.0% versus -16.1%). One caveat on sizing: CGEM is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CGEM vs VXZ: side by side
| CGEM (Cullinan Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +185.0% | -16.1% |
| 5-year return | -23.5% | -53.1% |
| Volatility (ann.) | 72.4% | 25.6% |
| Beta vs S&P 500 | 1.20 | -1.31 |
| Max drawdown (3Y) | -80.4% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGEM | VXZ |
|---|---|---|
| 2022 | -31.6% | +0.5% |
| 2023 | -3.4% | -44.0% |
| 2024 | +19.5% | -12.7% |
| 2025 | -15.0% | +5.7% |
| 2026 | +118.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGEM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, CGEM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CGEM and VXZ?
The CGEM/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.11, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CGEM?
Yes. With a correlation of -0.24, CGEM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cgem-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgem-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGEM correlations · VXZ correlations
