CIFR vs VXZ: Correlation
Measured on weekly returns over the past three years, Cipher Digital Inc. (CIFR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIFR and VXZ?
Over the past 3 years, CIFR and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -680.1 %².
Among the 18 assets we track against CIFR, VXZ sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with CIFR ahead by 156.0 points (+139.9% versus -16.1%). One caveat on sizing: CIFR is 4.5 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.
CIFR vs VXZ: side by side
| CIFR (Cipher Digital Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +139.9% | -16.1% |
| 5-year return | +63.3% | -53.1% |
| Volatility (ann.) | 114.3% | 25.6% |
| Beta vs S&P 500 | 2.86 | -1.31 |
| Max drawdown (3Y) | -71.7% | -36.4% |
| Market cap | $7.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CIFR | VXZ |
|---|---|---|
| 2022 | -87.9% | +0.5% |
| 2023 | +637.5% | -44.0% |
| 2024 | +12.3% | -12.7% |
| 2025 | +218.1% | +5.7% |
| 2026 | +13.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIFR and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CIFR and VXZ?
As of 2026-08-27, the correlation of weekly returns between CIFR and VXZ is -0.23 over 3 years, -0.24 over 1 year and -0.23 over 5 years.
Is VXZ a good diversifier for CIFR?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 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/cifr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cifr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CIFR correlations · VXZ correlations
