CPS vs VXZ: Correlation
Cooper-Standard Holdings Inc. (CPS) 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 CPS and VXZ?
Across a 3-year window, the weekly returns of CPS and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.34, with an annualized covariance of -709.3 %².
VXZ is close to the least connected end of CPS's tracked universe, ranking #12 of 12. On 12-month performance VXZ holds a 9.7-point edge, -25.8% against -16.1%. One caveat on sizing: CPS is 2.8 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.
CPS vs VXZ: side by side
| CPS (Cooper-Standard Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -25.8% | -16.1% |
| 5-year return | +15.8% | -53.1% |
| Volatility (ann.) | 72.2% | 25.6% |
| Beta vs S&P 500 | 1.75 | -1.31 |
| Max drawdown (3Y) | -45.2% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPS | VXZ |
|---|---|---|
| 2022 | -59.6% | +0.5% |
| 2023 | +115.7% | -44.0% |
| 2024 | -30.6% | -12.7% |
| 2025 | +142.1% | +5.7% |
| 2026 | -19.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, CPS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPS and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.29 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for CPS?
Yes. With a correlation of -0.38, CPS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/cps-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cps-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPS correlations · VXZ correlations
