CPRI vs VXZ: Correlation
How closely do Capri Holdings Limited (CPRI) 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 CPRI and VXZ?
Across a 3-year window, the weekly returns of CPRI and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -442.3 %².
Among the 10 assets we track against CPRI, VXZ sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 22.7 percentage points (-38.8% for CPRI against -16.1% for VXZ). Note the risk asymmetry: CPRI runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CPRI vs VXZ: side by side
| CPRI (Capri Holdings Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -38.8% | -16.1% |
| 5-year return | -76.8% | -53.1% |
| Volatility (ann.) | 52.2% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -76.4% | -36.4% |
| Market cap | $1.5B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPRI | VXZ |
|---|---|---|
| 2022 | -11.7% | +0.5% |
| 2023 | -12.4% | -44.0% |
| 2024 | -58.1% | -12.7% |
| 2025 | +15.9% | +5.7% |
| 2026 | -46.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPRI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, CPRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPRI and VXZ?
The CPRI/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.38, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CPRI?
Yes. With a correlation of -0.33, CPRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/cpri-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpri-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPRI correlations · VXZ correlations
