CPF vs VXZ: Correlation
Measured on weekly returns over the past three years, Central Pacific Financial Corp New (CPF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPF and VXZ?
On 3 years of weekly data the CPF/VXZ correlation comes out at -0.51, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.35) than the 3-year average (-0.51). The 5-year figure is -0.46, and annualized covariance runs at -348.7 %².
Among the 19 assets we track against CPF, VXZ sits near the bottom by co-movement, at rank #19. Their recent paths diverged sharply: over the last 12 months CPF outperformed by 40.5 percentage points (+24.4% for CPF 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.
CPF vs VXZ: side by side
| CPF (Central Pacific Financial Corp New) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -16.1% |
| 5-year return | +85.5% | -53.1% |
| Volatility (ann.) | 26.5% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -25.2% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 2.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPF | VXZ |
|---|---|---|
| 2022 | -24.7% | +0.5% |
| 2023 | +2.9% | -44.0% |
| 2024 | +54.3% | -12.7% |
| 2025 | +11.3% | +5.7% |
| 2026 | +23.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPF and VXZ good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CPF and VXZ?
Using weekly returns as of 2026-08-27: -0.51 over 3 years, with -0.35 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for CPF?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 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/cpf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPF correlations · VXZ correlations
