CMC vs VXZ: Correlation
Commercial Metals Company (CMC) 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 -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and VXZ?
Over the past 3 years, CMC and VXZ moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.42) runs above the 3-year figure (-0.53). Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -452.6 %².
VXZ is close to the least connected end of CMC's tracked universe, ranking #18 of 19. The last year tells two different stories: CMC led by 38.1 percentage points, +22.0% for CMC against -16.1% for VXZ.
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.
CMC vs VXZ: side by side
| CMC (Commercial Metals Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.0% | -16.1% |
| 5-year return | +119.5% | -53.1% |
| Volatility (ann.) | 33.3% | 25.6% |
| Beta vs S&P 500 | 1.26 | -1.31 |
| Max drawdown (3Y) | -37.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 1.08% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMC | VXZ |
|---|---|---|
| 2022 | +35.0% | +0.5% |
| 2023 | +5.0% | -44.0% |
| 2024 | +0.4% | -12.7% |
| 2025 | +41.5% | +5.7% |
| 2026 | +0.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and VXZ good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CMC and VXZ?
As of 2026-08-27, the correlation of weekly returns between CMC and VXZ is -0.53 over 3 years, -0.42 over 1 year and -0.52 over 5 years.
Is VXZ a good diversifier for CMC?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 mean?
A reading of -0.53 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/cmc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMC correlations · VXZ correlations
