CNMD vs VXZ: Correlation
Measured on weekly returns over the past three years, CONMED Corporation (CNMD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and VXZ?
Over the past 3 years, CNMD and VXZ moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.27 over 3. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -265.1 %².
VXZ is close to the least connected end of CNMD's tracked universe, ranking #11 of 11. On 12-month performance CNMD holds a 8.9-point edge, -7.2% 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.
CNMD vs VXZ: side by side
| CNMD (CONMED Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.2% | -16.1% |
| 5-year return | -60.5% | -53.1% |
| Volatility (ann.) | 38.2% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -71.4% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 0.40% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNMD | VXZ |
|---|---|---|
| 2022 | -37.0% | +0.5% |
| 2023 | +24.5% | -44.0% |
| 2024 | -36.8% | -12.7% |
| 2025 | -40.0% | +5.7% |
| 2026 | +23.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.27, CNMD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNMD and VXZ?
The CNMD/VXZ correlation stands at -0.27 on a 3-year window (1 year: -0.32, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CNMD?
Yes. With a correlation of -0.27, CNMD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnmd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnmd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNMD correlations · VXZ correlations
