CNH vs VXZ: Correlation
How closely do CNH Industrial N.V. (CNH) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNH and VXZ?
Over the past 3 years, CNH and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -215.1 %².
VXZ is close to the least connected end of CNH's tracked universe, ranking #15 of 15. On 12-month performance CNH holds a 11.7-point edge, -4.4% against -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.
CNH vs VXZ: side by side
| CNH (CNH Industrial N.V.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.4% | -16.1% |
| 5-year return | -12.0% | -53.1% |
| Volatility (ann.) | 33.5% | 25.6% |
| Beta vs S&P 500 | 0.73 | -1.31 |
| Max drawdown (3Y) | -33.2% | -36.4% |
| Market cap | $18.4B | – |
| P/E (trailing) | 45.7 | – |
| Dividend yield | 0.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNH | VXZ |
|---|---|---|
| 2022 | -3.2% | +0.5% |
| 2023 | -22.0% | -44.0% |
| 2024 | -3.1% | -12.7% |
| 2025 | -17.1% | +5.7% |
| 2026 | +25.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNH and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNH and VXZ?
The CNH/VXZ correlation stands at -0.25 on a 3-year window (1 year: -0.21, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CNH?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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/cnh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNH correlations · VXZ correlations
