CRGO vs VXZ: Correlation
How closely do Freightos Limited (CRGO) 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 -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRGO and VXZ?
Across a 3-year window, the weekly returns of CRGO and VXZ correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.30). Stretching to 5 years gives -0.25, with an annualized covariance of -639.5 %².
Among the 12 assets we track against CRGO, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 45.6 percentage points (-61.7% for CRGO against -16.1% for VXZ). One caveat on sizing: CRGO is 3.2 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.
CRGO vs VXZ: side by side
| CRGO (Freightos Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -61.7% | -16.1% |
| 5-year return | -86.7% | -53.1% |
| Volatility (ann.) | 82.7% | 25.6% |
| Beta vs S&P 500 | 1.79 | -1.31 |
| Max drawdown (3Y) | -72.6% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRGO | VXZ |
|---|---|---|
| 2022 | +4.2% | +0.5% |
| 2023 | -67.3% | -44.0% |
| 2024 | -8.4% | -12.7% |
| 2025 | -25.2% | +5.7% |
| 2026 | -43.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRGO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, CRGO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CRGO and VXZ?
The CRGO/VXZ correlation stands at -0.30 on a 3-year window (1 year: -0.04, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CRGO?
Yes. With a correlation of -0.30, CRGO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/crgo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crgo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRGO correlations · VXZ correlations
