CHMI vs VXZ: Correlation
How closely do Cherry Hill Mortgage Investment Corporation (CHMI) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMI and VXZ?
On 3 years of weekly data the CHMI/VXZ correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -413.4 %².
Among the 13 assets we track against CHMI, VXZ sits near the bottom by co-movement, at rank #13. The last year tells two different stories: CHMI led by 35.2 percentage points, +19.1% for CHMI 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.
CHMI vs VXZ: side by side
| CHMI (Cherry Hill Mortgage Investment Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.1% | -16.1% |
| 5-year return | -27.0% | -53.1% |
| Volatility (ann.) | 38.1% | 25.6% |
| Beta vs S&P 500 | 0.85 | -1.31 |
| Max drawdown (3Y) | -32.7% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 13.9 | – |
| Dividend yield | 13.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMI | VXZ |
|---|---|---|
| 2022 | -17.2% | +0.5% |
| 2023 | -18.9% | -44.0% |
| 2024 | -21.9% | -12.7% |
| 2025 | +14.9% | +5.7% |
| 2026 | +24.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.42, CHMI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHMI and VXZ?
As of 2026-08-27, the correlation of weekly returns between CHMI and VXZ is -0.42 over 3 years, -0.38 over 1 year and -0.45 over 5 years.
Is VXZ a good diversifier for CHMI?
Yes. With a correlation of -0.42, CHMI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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/chmi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chmi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHMI correlations · VXZ correlations
