CLAR vs VXZ: Correlation
How closely do Clarus Corporation (CLAR) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLAR and VXZ?
Across a 3-year window, the weekly returns of CLAR and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.31). Stretching to 5 years gives -0.32, with an annualized covariance of -348.4 %².
VXZ is close to the least connected end of CLAR's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with CLAR ahead by 21.4 points (+5.3% versus -16.1%). Risk is not evenly split, since CLAR carries 1.7 times the volatility of the other side.
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.
CLAR vs VXZ: side by side
| CLAR (Clarus Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.3% | -16.1% |
| 5-year return | -85.0% | -53.1% |
| Volatility (ann.) | 44.2% | 25.6% |
| Beta vs S&P 500 | 1.03 | -1.31 |
| Max drawdown (3Y) | -64.4% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.68% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLAR | VXZ |
|---|---|---|
| 2022 | -71.5% | +0.5% |
| 2023 | -10.8% | -44.0% |
| 2024 | -33.4% | -12.7% |
| 2025 | -23.6% | +5.7% |
| 2026 | +15.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLAR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, CLAR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLAR and VXZ?
The CLAR/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.42, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CLAR?
Yes. With a correlation of -0.31, CLAR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/clar-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clar-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLAR correlations · VXZ correlations
