CIA vs VXZ: Correlation
Measured on weekly returns over the past three years, Citizens, Inc. (CIA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIA and VXZ?
On 3 years of weekly data the CIA/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. The 5-year figure is -0.22, and annualized covariance runs at -476.7 %².
Out of 10 assets tracked against CIA, VXZ lands near the bottom at #10. Over the last 12 months VXZ came out ahead by 12.0 percentage points (-28.1% against -16.1%). Note the risk asymmetry: CIA runs 2.2 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.
CIA vs VXZ: side by side
| CIA (Citizens, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -28.1% | -16.1% |
| 5-year return | -33.4% | -53.1% |
| Volatility (ann.) | 55.3% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -47.5% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CIA | VXZ |
|---|---|---|
| 2022 | -59.9% | +0.5% |
| 2023 | +26.3% | -44.0% |
| 2024 | +49.1% | -12.7% |
| 2025 | +20.4% | +5.7% |
| 2026 | -18.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between CIA and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.27 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for CIA?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 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/cia-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cia-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CIA correlations · VXZ correlations
