CNA vs VXZ: Correlation
CNA Financial Corporation (CNA) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNA and VXZ?
On 3 years of weekly data the CNA/VXZ correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.27). The 5-year figure is -0.35, and annualized covariance runs at -134.3 %².
Among the 26 assets we track against CNA, VXZ sits near the bottom by co-movement, at rank #25. Correlation aside, the last 12 months split them widely, with CNA ahead by 23.7 points (+7.6% versus -16.1%).
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.
CNA vs VXZ: side by side
| CNA (CNA Financial Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.6% | -16.1% |
| 5-year return | +64.0% | -53.1% |
| Volatility (ann.) | 19.8% | 25.6% |
| Beta vs S&P 500 | 0.21 | -1.31 |
| Max drawdown (3Y) | -14.6% | -36.4% |
| Market cap | $13.2B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 3.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNA | VXZ |
|---|---|---|
| 2022 | +3.8% | +0.5% |
| 2023 | +7.1% | -44.0% |
| 2024 | +24.0% | -12.7% |
| 2025 | +7.0% | +5.7% |
| 2026 | +10.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNA and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNA and VXZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.11 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for CNA?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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/cna-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cna-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNA correlations · VXZ correlations
