CION vs VXZ: Correlation
Measured on weekly returns over the past three years, CION Investment Corporation (CION) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and VXZ?
Over the past 3 years, CION and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -268.1 %².
Among the 22 assets we track against CION, VXZ sits near the bottom by co-movement, at rank #21. Twelve-month performance is nearly a tie, at -17.7% for CION and -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.
CION vs VXZ: side by side
| CION (CION Investment Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.7% | -16.1% |
| 5-year return | +26.2% | -53.1% |
| Volatility (ann.) | 30.2% | 25.6% |
| Beta vs S&P 500 | 0.86 | -1.31 |
| Max drawdown (3Y) | -40.3% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 123.5 | – |
| Dividend yield | 17.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | VXZ |
|---|---|---|
| 2022 | -14.8% | +0.5% |
| 2023 | +35.4% | -44.0% |
| 2024 | +14.8% | -12.7% |
| 2025 | -2.3% | +5.7% |
| 2026 | -14.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, CION and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CION and VXZ?
As of 2026-08-27, the correlation of weekly returns between CION and VXZ is -0.35 over 3 years, -0.29 over 1 year and -0.36 over 5 years.
Is VXZ a good diversifier for CION?
Yes. With a correlation of -0.35, CION and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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/cion-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cion-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CION correlations · VXZ correlations
