CNDT vs VXZ: Correlation
Conduent Incorporated (CNDT) 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 CNDT and VXZ?
Over the past 3 years, CNDT and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -404.4 %².
Among the 13 assets we track against CNDT, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 22.8 percentage points (-38.9% for CNDT against -16.1% for VXZ). Note the risk asymmetry: CNDT runs 2.3 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.
CNDT vs VXZ: side by side
| CNDT (Conduent Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -38.9% | -16.1% |
| 5-year return | -75.2% | -53.1% |
| Volatility (ann.) | 59.4% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -73.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNDT | VXZ |
|---|---|---|
| 2022 | -24.2% | +0.5% |
| 2023 | -9.9% | -44.0% |
| 2024 | +10.7% | -12.7% |
| 2025 | -52.5% | +5.7% |
| 2026 | -9.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNDT 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 CNDT and VXZ?
As of 2026-08-27, the correlation of weekly returns between CNDT and VXZ is -0.27 over 3 years, -0.38 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for CNDT?
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?
On the −1 to +1 scale, -0.27 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/cndt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cndt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNDT correlations · VXZ correlations
