CMI vs VXZ: Correlation
How closely do Cummins (CMI) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and VXZ?
Across a 3-year window, the weekly returns of CMI and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.28) than the 3-year average (-0.45). Stretching to 5 years gives -0.51, with an annualized covariance of -298.7 %².
Among the 36 assets we track against CMI, VXZ sits near the bottom by co-movement, at rank #35. The last year tells two different stories: CMI led by 61.2 percentage points, +45.1% for CMI 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.
CMI vs VXZ: side by side
| CMI (Cummins) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +45.1% | -16.1% |
| 5-year return | +169.6% | -53.1% |
| Volatility (ann.) | 25.9% | 25.6% |
| Beta vs S&P 500 | 1.05 | -1.31 |
| Max drawdown (3Y) | -30.5% | -36.4% |
| Market cap | $79.0B | – |
| P/E (trailing) | 29.6 | – |
| Dividend yield | 1.38% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CMI | VXZ |
|---|---|---|
| 2022 | +14.1% | +0.5% |
| 2023 | +1.7% | -44.0% |
| 2024 | +48.9% | -12.7% |
| 2025 | +49.4% | +5.7% |
| 2026 | +13.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMI and VXZ?
The CMI/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.28, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CMI?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/cmi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMI correlations · VXZ correlations
