CPA vs VXZ: Correlation
Copa Holdings, S.A. (CPA) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and VXZ?
On 3 years of weekly data the CPA/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.38 over 3. The 5-year figure is -0.44, and annualized covariance runs at -285.7 %².
VXZ is close to the least connected end of CPA's tracked universe, ranking #11 of 12. Their recent paths diverged sharply: over the last 12 months CPA outperformed by 33.9 percentage points (+17.8% for CPA 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.
CPA vs VXZ: side by side
| CPA (Copa Holdings, S.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.8% | -16.1% |
| 5-year return | +112.6% | -53.1% |
| Volatility (ann.) | 29.3% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -29.2% | -36.4% |
| Market cap | $5.4B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 5.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPA | VXZ |
|---|---|---|
| 2022 | +0.6% | +0.5% |
| 2023 | +32.4% | -44.0% |
| 2024 | -11.5% | -12.7% |
| 2025 | +45.6% | +5.7% |
| 2026 | +11.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CPA and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.48 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for CPA?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/cpa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPA correlations · VXZ correlations
