CHDN vs VXZ: Correlation
How closely do Churchill Downs, Incorporated (CHDN) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHDN and VXZ?
Across a 3-year window, the weekly returns of CHDN and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.40). Stretching to 5 years gives -0.36, with an annualized covariance of -280.8 %².
Among the 11 assets we track against CHDN, VXZ sits near the bottom by co-movement, at rank #10. Neither side won the trailing year by much: -18.2% 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.
CHDN vs VXZ: side by side
| CHDN (Churchill Downs, Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.2% | -16.1% |
| 5-year return | -16.1% | -53.1% |
| Volatility (ann.) | 27.4% | 25.6% |
| Beta vs S&P 500 | 0.72 | -1.31 |
| Max drawdown (3Y) | -43.9% | -36.4% |
| Market cap | $6.0B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHDN | VXZ |
|---|---|---|
| 2022 | -12.0% | +0.5% |
| 2023 | +28.1% | -44.0% |
| 2024 | -0.7% | -12.7% |
| 2025 | -14.5% | +5.7% |
| 2026 | -24.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHDN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, CHDN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHDN and VXZ?
The CHDN/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.30, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CHDN?
Yes. With a correlation of -0.40, CHDN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/chdn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chdn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHDN correlations · VXZ correlations
