CNOB vs VXZ: Correlation
ConnectOne Bancorp, Inc. (CNOB) 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 -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNOB and VXZ?
Over the past 3 years, CNOB and VXZ moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.43 lands near the 3-year figure. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -436.1 %².
Among the 17 assets we track against CNOB, VXZ sits near the bottom by co-movement, at rank #17. The last year tells two different stories: CNOB led by 43.6 percentage points, +27.5% for CNOB against -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.
CNOB vs VXZ: side by side
| CNOB (ConnectOne Bancorp, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +27.5% | -16.1% |
| 5-year return | +28.9% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 0.94 | -1.31 |
| Max drawdown (3Y) | -26.6% | -36.4% |
| Market cap | $1.6B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 2.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNOB | VXZ |
|---|---|---|
| 2022 | -24.4% | +0.5% |
| 2023 | -1.8% | -44.0% |
| 2024 | +3.3% | -12.7% |
| 2025 | +17.8% | +5.7% |
| 2026 | +24.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNOB and VXZ good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNOB and VXZ?
As of 2026-08-27, the correlation of weekly returns between CNOB and VXZ is -0.50 over 3 years, -0.43 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for CNOB?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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/cnob-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnob-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNOB correlations · VXZ correlations
