CMCO vs VXZ: Correlation
Measured on weekly returns over the past three years, Columbus McKinnon Corporation (CMCO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCO and VXZ?
Over the past 3 years, CMCO and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -527.4 %².
VXZ is close to the least connected end of CMCO's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months CMCO outperformed by 39.4 percentage points (+23.3% for CMCO against -16.1% for VXZ). One caveat on sizing: CMCO is 2.0 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.
CMCO vs VXZ: side by side
| CMCO (Columbus McKinnon Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.3% | -16.1% |
| 5-year return | -58.0% | -53.1% |
| Volatility (ann.) | 50.1% | 25.6% |
| Beta vs S&P 500 | 1.42 | -1.31 |
| Max drawdown (3Y) | -72.8% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.56% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCO | VXZ |
|---|---|---|
| 2022 | -29.3% | +0.5% |
| 2023 | +21.1% | -44.0% |
| 2024 | -3.9% | -12.7% |
| 2025 | -52.9% | +5.7% |
| 2026 | +7.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCO and VXZ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CMCO and VXZ?
The CMCO/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.38, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CMCO?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMCO correlations · VXZ correlations
