CMTG vs VXZ: Correlation
Claros Mortgage Trust, Inc. (CMTG) 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 -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMTG and VXZ?
On 3 years of weekly data the CMTG/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -459.0 %².
Among the 11 assets we track against CMTG, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: VXZ led by 36.6 percentage points, -52.7% for CMTG against -16.1% for VXZ. Note the risk asymmetry: CMTG 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.
CMTG vs VXZ: side by side
| CMTG (Claros Mortgage Trust, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -52.7% | -16.1% |
| 5-year return | -87.0% | -53.1% |
| Volatility (ann.) | 62.4% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -87.6% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMTG | VXZ |
|---|---|---|
| 2022 | -1.4% | +0.5% |
| 2023 | +2.8% | -44.0% |
| 2024 | -64.4% | -12.7% |
| 2025 | -32.3% | +5.7% |
| 2026 | -46.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMTG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, CMTG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CMTG and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.26 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for CMTG?
Yes. With a correlation of -0.29, CMTG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/cmtg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmtg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMTG correlations · VXZ correlations
