CLNE vs VXZ: Correlation
Measured on weekly returns over the past three years, Clean Energy Fuels Corp. (CLNE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLNE and VXZ?
Over the past 3 years, CLNE and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.32). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -486.2 %².
Out of 10 assets tracked against CLNE, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 23.3 percentage points (-39.4% for CLNE against -16.1% for VXZ). Risk is not evenly split, since CLNE carries 2.3 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.
CLNE vs VXZ: side by side
| CLNE (Clean Energy Fuels Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -39.4% | -16.1% |
| 5-year return | -79.6% | -53.1% |
| Volatility (ann.) | 58.8% | 25.6% |
| Beta vs S&P 500 | 1.36 | -1.31 |
| Max drawdown (3Y) | -71.5% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLNE | VXZ |
|---|---|---|
| 2022 | -15.2% | +0.5% |
| 2023 | -26.3% | -44.0% |
| 2024 | -34.5% | -12.7% |
| 2025 | -16.3% | +5.7% |
| 2026 | -23.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLNE and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLNE and VXZ?
The CLNE/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.04, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CLNE?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 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/clne-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clne-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLNE correlations · VXZ correlations
