CNM vs VXZ: Correlation
How closely do Core & Main, Inc. (CNM) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNM and VXZ?
Over the past 3 years, CNM and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.40). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -408.0 %².
Among the 17 assets we track against CNM, VXZ sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with VXZ ahead by 17.4 points (-33.5% versus -16.1%). One caveat on sizing: CNM is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CNM vs VXZ: side by side
| CNM (Core & Main, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.5% | -16.1% |
| 5-year return | +63.1% | -53.1% |
| Volatility (ann.) | 39.7% | 25.6% |
| Beta vs S&P 500 | 1.19 | -1.31 |
| Max drawdown (3Y) | -38.7% | -36.4% |
| Market cap | $8.5B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNM | VXZ |
|---|---|---|
| 2022 | -36.4% | +0.5% |
| 2023 | +109.3% | -44.0% |
| 2024 | +26.0% | -12.7% |
| 2025 | +2.1% | +5.7% |
| 2026 | -15.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, CNM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNM and VXZ?
As of 2026-08-27, the correlation of weekly returns between CNM and VXZ is -0.40 over 3 years, -0.29 over 1 year and -0.41 over 5 years.
Is VXZ a good diversifier for CNM?
Yes. With a correlation of -0.40, CNM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/cnm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNM correlations · VXZ correlations
