CLMT vs VXZ: Correlation
Calumet, Inc (CLMT) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLMT and VXZ?
On 3 years of weekly data the CLMT/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.03) runs above the 3-year figure (-0.34). The 5-year figure is -0.22, and annualized covariance runs at -471.7 %².
Among the 10 assets we track against CLMT, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with CLMT ahead by 199.0 points (+182.9% versus -16.1%). Note the risk asymmetry: CLMT runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CLMT vs VXZ: side by side
| CLMT (Calumet, Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +182.9% | -16.1% |
| 5-year return | +582.1% | -53.1% |
| Volatility (ann.) | 53.8% | 25.6% |
| Beta vs S&P 500 | 0.97 | -1.31 |
| Max drawdown (3Y) | -61.9% | -36.4% |
| Market cap | $4.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLMT | VXZ |
|---|---|---|
| 2022 | +27.9% | +0.5% |
| 2023 | +5.9% | -44.0% |
| 2024 | +23.2% | -12.7% |
| 2025 | -9.8% | +5.7% |
| 2026 | +130.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLMT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between CLMT and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with 0.03 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for CLMT?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/clmt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clmt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLMT correlations · VXZ correlations
