CLS vs VXZ: Correlation
How closely do Celestica, Inc. (CLS) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and VXZ?
On 3 years of weekly data the CLS/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. The 5-year figure is -0.44, and annualized covariance runs at -667.2 %².
VXZ is close to the least connected end of CLS's tracked universe, ranking #21 of 23. Correlation aside, the last 12 months split them widely, with CLS ahead by 73.1 points (+57.0% versus -16.1%). Note the risk asymmetry: CLS runs 2.4 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.
CLS vs VXZ: side by side
| CLS (Celestica, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.0% | -16.1% |
| 5-year return | +3251.4% | -53.1% |
| Volatility (ann.) | 60.6% | 25.6% |
| Beta vs S&P 500 | 2.49 | -1.31 |
| Max drawdown (3Y) | -54.0% | -36.4% |
| Market cap | $40.0B | – |
| P/E (trailing) | 32.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLS | VXZ |
|---|---|---|
| 2022 | +1.3% | +0.5% |
| 2023 | +159.8% | -44.0% |
| 2024 | +215.2% | -12.7% |
| 2025 | +220.3% | +5.7% |
| 2026 | +7.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLS and VXZ?
The CLS/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.37, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CLS?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cls-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cls-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLS correlations · VXZ correlations
