CRNT vs VXZ: Correlation
Measured on weekly returns over the past three years, Ceragon Networks Ltd. (CRNT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRNT and VXZ?
Over the past 3 years, CRNT and VXZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -412.8 %².
Among the 11 assets we track against CRNT, VXZ sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with CRNT ahead by 22.6 points (+6.5% versus -16.1%). One caveat on sizing: CRNT is 2.1 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.
CRNT vs VXZ: side by side
| CRNT (Ceragon Networks Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.5% | -16.1% |
| 5-year return | -45.0% | -53.1% |
| Volatility (ann.) | 52.9% | 25.6% |
| Beta vs S&P 500 | 1.19 | -1.31 |
| Max drawdown (3Y) | -66.4% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRNT | VXZ |
|---|---|---|
| 2022 | -26.0% | +0.5% |
| 2023 | +13.1% | -44.0% |
| 2024 | +116.2% | -12.7% |
| 2025 | -55.0% | +5.7% |
| 2026 | +1.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRNT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, CRNT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CRNT and VXZ?
The CRNT/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.27, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CRNT?
Yes. With a correlation of -0.31, CRNT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/crnt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crnt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRNT correlations · VXZ correlations
