CLF vs VXZ: Correlation
Cleveland-Cliffs Inc. (CLF) 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 -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and VXZ?
Over the past 3 years, CLF and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -443.7 %².
VXZ is close to the least connected end of CLF's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months CLF outperformed by 25.7 percentage points (+9.6% for CLF against -16.1% for VXZ). One caveat on sizing: CLF is 2.4 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.
CLF vs VXZ: side by side
| CLF (Cleveland-Cliffs Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.6% | -16.1% |
| 5-year return | -50.7% | -53.1% |
| Volatility (ann.) | 61.7% | 25.6% |
| Beta vs S&P 500 | 1.74 | -1.31 |
| Max drawdown (3Y) | -74.5% | -36.4% |
| Market cap | $6.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLF | VXZ |
|---|---|---|
| 2022 | -26.0% | +0.5% |
| 2023 | +26.8% | -44.0% |
| 2024 | -54.0% | -12.7% |
| 2025 | +41.3% | +5.7% |
| 2026 | -10.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLF and VXZ?
As of 2026-08-27, the correlation of weekly returns between CLF and VXZ is -0.28 over 3 years, -0.31 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for CLF?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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/clf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLF correlations · VXZ correlations
