CHEF vs VXZ: Correlation
How closely do The Chefs' Warehouse, Inc. (CHEF) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHEF and VXZ?
Over the past 3 years, CHEF and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.43). Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -486.0 %².
Among the 12 assets we track against CHEF, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months CHEF outperformed by 93.8 percentage points (+77.7% for CHEF against -16.1% for VXZ). Note the risk asymmetry: CHEF runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CHEF vs VXZ: side by side
| CHEF (The Chefs' Warehouse, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +77.7% | -16.1% |
| 5-year return | +273.0% | -53.1% |
| Volatility (ann.) | 44.0% | 25.6% |
| Beta vs S&P 500 | 1.23 | -1.31 |
| Max drawdown (3Y) | -37.8% | -36.4% |
| Market cap | $4.5B | – |
| P/E (trailing) | 53.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHEF | VXZ |
|---|---|---|
| 2022 | -0.1% | +0.5% |
| 2023 | -11.6% | -44.0% |
| 2024 | +67.6% | -12.7% |
| 2025 | +26.4% | +5.7% |
| 2026 | +78.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHEF and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHEF and VXZ?
As of 2026-08-27, the correlation of weekly returns between CHEF and VXZ is -0.43 over 3 years, -0.25 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for CHEF?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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/chef-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chef-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHEF correlations · VXZ correlations
