CNXC vs VXZ: Correlation
How closely do Concentrix Corporation (CNXC) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNXC and VXZ?
On 3 years of weekly data the CNXC/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.33 over 3. The 5-year figure is -0.32, and annualized covariance runs at -439.8 %².
Out of 11 assets tracked against CNXC, VXZ lands near the bottom at #11. The last year tells two different stories: VXZ led by 25.8 percentage points, -41.9% for CNXC against -16.1% for VXZ. One caveat on sizing: CNXC is 2.1 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.
CNXC vs VXZ: side by side
| CNXC (Concentrix Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -41.9% | -16.1% |
| 5-year return | -81.9% | -53.1% |
| Volatility (ann.) | 52.6% | 25.6% |
| Beta vs S&P 500 | 1.27 | -1.31 |
| Max drawdown (3Y) | -78.5% | -36.4% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.07% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNXC | VXZ |
|---|---|---|
| 2022 | -24.9% | +0.5% |
| 2023 | -25.4% | -44.0% |
| 2024 | -55.0% | -12.7% |
| 2025 | -1.4% | +5.7% |
| 2026 | -29.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNXC and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNXC and VXZ?
As of 2026-08-27, the correlation of weekly returns between CNXC and VXZ is -0.33 over 3 years, -0.34 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for CNXC?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/cnxc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnxc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNXC correlations · VXZ correlations
