CRS vs VXZ: Correlation
Measured on weekly returns over the past three years, Carpenter Technology Corporation (CRS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and VXZ?
On 3 years of weekly data the CRS/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -487.1 %².
Among the 12 assets we track against CRS, VXZ sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with CRS ahead by 122.3 points (+106.2% versus -16.1%). Risk is not evenly split, since CRS carries 1.8 times the volatility of the other side.
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.
CRS vs VXZ: side by side
| CRS (Carpenter Technology Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +106.2% | -16.1% |
| 5-year return | +1445.7% | -53.1% |
| Volatility (ann.) | 46.1% | 25.6% |
| Beta vs S&P 500 | 1.32 | -1.31 |
| Max drawdown (3Y) | -28.7% | -36.4% |
| Market cap | $24.3B | – |
| P/E (trailing) | 46.1 | – |
| Dividend yield | 0.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRS | VXZ |
|---|---|---|
| 2022 | +29.5% | +0.5% |
| 2023 | +94.5% | -44.0% |
| 2024 | +141.7% | -12.7% |
| 2025 | +86.2% | +5.7% |
| 2026 | +56.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and VXZ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRS and VXZ?
As of 2026-08-27, the correlation of weekly returns between CRS and VXZ is -0.41 over 3 years, -0.31 over 1 year and -0.45 over 5 years.
Is VXZ a good diversifier for CRS?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/crs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRS correlations · VXZ correlations
