CRDL vs VXZ: Correlation
Cardiol Therapeutics Inc. - Class A (CRDL) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRDL and VXZ?
On 3 years of weekly data the CRDL/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.15 versus -0.26 over 3 years. The 5-year figure is -0.25, and annualized covariance runs at -506.3 %².
VXZ is close to the least connected end of CRDL's tracked universe, ranking #10 of 10. The last year tells two different stories: CRDL led by 100.0 percentage points, +83.9% for CRDL against -16.1% for VXZ. One caveat on sizing: CRDL is 3.0 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.
CRDL vs VXZ: side by side
| CRDL (Cardiol Therapeutics Inc. - Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +83.9% | -16.1% |
| 5-year return | -43.7% | -53.1% |
| Volatility (ann.) | 77.0% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -72.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRDL | VXZ |
|---|---|---|
| 2022 | -72.4% | +0.5% |
| 2023 | +65.3% | -44.0% |
| 2024 | +51.8% | -12.7% |
| 2025 | -25.5% | +5.7% |
| 2026 | +115.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRDL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, CRDL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CRDL and VXZ?
The CRDL/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.15, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CRDL?
Yes. With a correlation of -0.26, CRDL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/crdl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crdl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRDL correlations · VXZ correlations
