CNX vs VXZ: Correlation
How closely do CNX Resources Corporation (CNX) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNX and VXZ?
On 3 years of weekly data the CNX/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.07) than the 3-year average (-0.24). The 5-year figure is -0.23, and annualized covariance runs at -185.0 %².
Out of 12 assets tracked against CNX, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with CNX ahead by 40.3 points (+24.2% 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.
CNX vs VXZ: side by side
| CNX (CNX Resources Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.2% | -16.1% |
| 5-year return | +229.8% | -53.1% |
| Volatility (ann.) | 29.6% | 25.6% |
| Beta vs S&P 500 | 0.41 | -1.31 |
| Max drawdown (3Y) | -33.4% | -36.4% |
| Market cap | $5.3B | – |
| P/E (trailing) | 5.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNX | VXZ |
|---|---|---|
| 2022 | +22.5% | +0.5% |
| 2023 | +18.8% | -44.0% |
| 2024 | +83.3% | -12.7% |
| 2025 | +0.3% | +5.7% |
| 2026 | -1.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, CNX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNX and VXZ?
As of 2026-08-27, the correlation of weekly returns between CNX and VXZ is -0.24 over 3 years, 0.07 over 1 year and -0.23 over 5 years.
Is VXZ a good diversifier for CNX?
Yes. With a correlation of -0.24, CNX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/cnx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNX correlations · VXZ correlations
