CNI vs VXZ: Correlation
Canadian National Railway Company (CNI) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNI and VXZ?
Over the past 3 years, CNI and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -160.0 %².
VXZ is close to the least connected end of CNI's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with CNI ahead by 48.6 points (+32.5% 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.
CNI vs VXZ: side by side
| CNI (Canadian National Railway Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.5% | -16.1% |
| 5-year return | +27.2% | -53.1% |
| Volatility (ann.) | 18.6% | 25.6% |
| Beta vs S&P 500 | 0.48 | -1.31 |
| Max drawdown (3Y) | -29.1% | -36.4% |
| Market cap | $76.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 2.83% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNI | VXZ |
|---|---|---|
| 2022 | -1.4% | +0.5% |
| 2023 | +7.8% | -44.0% |
| 2024 | -17.5% | -12.7% |
| 2025 | -0.8% | +5.7% |
| 2026 | +29.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNI and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.28 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for CNI?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/cni-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cni-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNI correlations · VXZ correlations
