CPAY vs VXZ: Correlation
How closely do Corpay (CPAY) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and VXZ?
Across a 3-year window, the weekly returns of CPAY and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.32 versus -0.49 over 3 years. Stretching to 5 years gives -0.52, with an annualized covariance of -395.0 %².
Out of 32 assets tracked against CPAY, VXZ lands near the bottom at #32. Correlation aside, the last 12 months split them widely, with CPAY ahead by 40.2 points (+24.1% 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.
CPAY vs VXZ: side by side
| CPAY (Corpay) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.1% | -16.1% |
| 5-year return | +55.2% | -53.1% |
| Volatility (ann.) | 31.7% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -34.5% | -36.4% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | VXZ |
|---|---|---|
| 2022 | -17.9% | +0.5% |
| 2023 | +53.9% | -44.0% |
| 2024 | +19.7% | -12.7% |
| 2025 | -11.1% | +5.7% |
| 2026 | +34.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between CPAY and VXZ?
As of 2026-08-27, the correlation of weekly returns between CPAY and VXZ is -0.49 over 3 years, -0.32 over 1 year and -0.52 over 5 years.
Is VXZ a good diversifier for CPAY?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
A reading of -0.49 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/cpay-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpay-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPAY correlations · VXZ correlations
