CHGG vs VXZ: Correlation
How closely do Chegg, Inc. (CHGG) 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 -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHGG and VXZ?
Across a 3-year window, the weekly returns of CHGG and VXZ correlate at -0.17, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Stretching to 5 years gives -0.18, with an annualized covariance of -421.9 %².
VXZ is close to the least connected end of CHGG's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 23.2 percentage points (-39.3% for CHGG against -16.1% for VXZ). Note the risk asymmetry: CHGG runs 3.8 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.
CHGG vs VXZ: side by side
| CHGG (Chegg, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.3% | -16.1% |
| 5-year return | -99.0% | -53.1% |
| Volatility (ann.) | 97.4% | 25.6% |
| Beta vs S&P 500 | 1.77 | -1.31 |
| Max drawdown (3Y) | -96.1% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHGG | VXZ |
|---|---|---|
| 2022 | -17.7% | +0.5% |
| 2023 | -55.0% | -44.0% |
| 2024 | -85.8% | -12.7% |
| 2025 | -42.2% | +5.7% |
| 2026 | -13.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHGG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between CHGG and VXZ?
The CHGG/VXZ correlation stands at -0.17 on a 3-year window (1 year: -0.17, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CHGG?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 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/chgg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chgg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHGG correlations · VXZ correlations
