CRGY vs VXZ: Correlation
Measured on weekly returns over the past three years, Crescent Energy Company (CRGY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRGY and VXZ?
Across a 3-year window, the weekly returns of CRGY and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.21) than the 3-year average (-0.27). Stretching to 5 years gives -0.28, with an annualized covariance of -343.2 %².
Out of 15 assets tracked against CRGY, VXZ lands near the bottom at #14. The last year tells two different stories: CRGY led by 69.2 percentage points, +53.1% for CRGY against -16.1% for VXZ. One caveat on sizing: CRGY is 1.9 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.
CRGY vs VXZ: side by side
| CRGY (Crescent Energy Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +53.1% | -16.1% |
| 5-year return | -0.0% | -53.1% |
| Volatility (ann.) | 48.9% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -55.9% | -36.4% |
| Market cap | $5.4B | – |
| P/E (trailing) | 170.6 | – |
| Dividend yield | 3.59% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRGY | VXZ |
|---|---|---|
| 2022 | -1.5% | +0.5% |
| 2023 | +15.6% | -44.0% |
| 2024 | +15.2% | -12.7% |
| 2025 | -39.6% | +5.7% |
| 2026 | +67.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRGY and VXZ good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRGY and VXZ?
The CRGY/VXZ correlation stands at -0.27 on a 3-year window (1 year: 0.21, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CRGY?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/crgy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crgy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRGY correlations · VXZ correlations
