CHMG vs VXZ: Correlation
Chemung Financial Corp (CHMG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMG and VXZ?
On 3 years of weekly data the CHMG/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.37 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -252.3 %².
Out of 10 assets tracked against CHMG, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months CHMG outperformed by 71.7 percentage points (+55.6% for CHMG against -16.1% for VXZ).
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.
CHMG vs VXZ: side by side
| CHMG (Chemung Financial Corp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.6% | -16.1% |
| 5-year return | +104.0% | -53.1% |
| Volatility (ann.) | 26.7% | 25.6% |
| Beta vs S&P 500 | 0.46 | -1.31 |
| Max drawdown (3Y) | -25.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.68% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMG | VXZ |
|---|---|---|
| 2022 | +1.6% | +0.5% |
| 2023 | +11.7% | -44.0% |
| 2024 | +0.7% | -12.7% |
| 2025 | +17.3% | +5.7% |
| 2026 | +47.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMG and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHMG and VXZ?
As of 2026-08-27, the correlation of weekly returns between CHMG and VXZ is -0.37 over 3 years, -0.23 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for CHMG?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chmg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chmg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHMG correlations · VXZ correlations
