CIEN vs VXZ: Correlation
Ciena (CIEN) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIEN and VXZ?
On 3 years of weekly data the CIEN/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.21) than the 3-year average (-0.38). The 5-year figure is -0.39, and annualized covariance runs at -489.9 %².
Out of 28 assets tracked against CIEN, VXZ lands near the bottom at #26. Their recent paths diverged sharply: over the last 12 months CIEN outperformed by 347.3 percentage points (+331.2% for CIEN against -16.1% for VXZ). One caveat on sizing: CIEN is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CIEN vs VXZ: side by side
| CIEN (Ciena) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +331.2% | -16.1% |
| 5-year return | +598.5% | -53.1% |
| Volatility (ann.) | 50.1% | 25.6% |
| Beta vs S&P 500 | 1.59 | -1.31 |
| Max drawdown (3Y) | -47.3% | -36.4% |
| Market cap | $56.6B | – |
| P/E (trailing) | 133.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CIEN | VXZ |
|---|---|---|
| 2022 | -33.8% | +0.5% |
| 2023 | -11.7% | -44.0% |
| 2024 | +88.4% | -12.7% |
| 2025 | +175.8% | +5.7% |
| 2026 | +71.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIEN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, CIEN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CIEN and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.21 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for CIEN?
Yes. With a correlation of -0.38, CIEN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/cien-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cien-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CIEN correlations · VXZ correlations
