CNNE vs VXZ: Correlation
Measured on weekly returns over the past three years, Cannae Holdings, Inc. (CNNE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNNE and VXZ?
Across a 3-year window, the weekly returns of CNNE and VXZ correlate at -0.51, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.59 over 1 year against -0.51 over 3. Stretching to 5 years gives -0.48, with an annualized covariance of -386.8 %².
VXZ is close to the least connected end of CNNE's tracked universe, ranking #11 of 11. Twelve-month performance is nearly a tie, at -13.8% for CNNE and -16.1% for VXZ.
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.
CNNE vs VXZ: side by side
| CNNE (Cannae Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.8% | -16.1% |
| 5-year return | -47.5% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -50.0% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.88% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNNE | VXZ |
|---|---|---|
| 2022 | -41.3% | +0.5% |
| 2023 | -5.5% | -44.0% |
| 2024 | +3.7% | -12.7% |
| 2025 | -18.3% | +5.7% |
| 2026 | +0.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNNE and VXZ good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNNE and VXZ?
As of 2026-08-27, the correlation of weekly returns between CNNE and VXZ is -0.51 over 3 years, -0.59 over 1 year and -0.48 over 5 years.
Is VXZ a good diversifier for CNNE?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
A reading of -0.51 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/cnne-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnne-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNNE correlations · VXZ correlations
