CGON vs VXZ: Correlation
Measured on weekly returns over the past three years, CG Oncology, Inc. (CGON) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGON and VXZ?
Across a 3-year window, the weekly returns of CGON and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.31). Stretching to 5 years gives n/a, with an annualized covariance of -474.4 %².
Among the 17 assets we track against CGON, VXZ sits near the bottom by co-movement, at rank #16. The last year tells two different stories: CGON led by 214.5 percentage points, +198.4% for CGON against -16.1% for VXZ. Risk is not evenly split, since CGON carries 2.4 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.
CGON vs VXZ: side by side
| CGON (CG Oncology, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +198.4% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 61.8% | 25.6% |
| Beta vs S&P 500 | 1.57 | -1.31 |
| Max drawdown (3Y) | -67.5% | -36.4% |
| Market cap | $7.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGON | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | – | -12.7% |
| 2025 | +44.8% | +5.7% |
| 2026 | +90.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGON and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, CGON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CGON and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.08 over the last year and n/a over 5 years.
Is VXZ a good diversifier for CGON?
Yes. With a correlation of -0.31, CGON and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/cgon-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGON correlations · VXZ correlations
