CSL vs VXZ: Correlation
Carlisle Companies Incorporated (CSL) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSL and VXZ?
Over the past 3 years, CSL and VXZ moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.36 versus -0.46 over 3 years. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -396.8 %².
Out of 19 assets tracked against CSL, VXZ lands near the bottom at #19. The trailing year gives CSL the advantage: -6.4% versus -16.1%, a 9.7-point spread.
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.
CSL vs VXZ: side by side
| CSL (Carlisle Companies Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.4% | -16.1% |
| 5-year return | +78.0% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 1.10 | -1.31 |
| Max drawdown (3Y) | -37.7% | -36.4% |
| Market cap | $14.3B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 1.20% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSL | VXZ |
|---|---|---|
| 2022 | -4.1% | +0.5% |
| 2023 | +34.3% | -44.0% |
| 2024 | +19.1% | -12.7% |
| 2025 | -12.3% | +5.7% |
| 2026 | +13.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, CSL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CSL and VXZ?
As of 2026-08-27, the correlation of weekly returns between CSL and VXZ is -0.46 over 3 years, -0.36 over 1 year and -0.45 over 5 years.
Is VXZ a good diversifier for CSL?
Yes. With a correlation of -0.46, CSL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSL correlations · VXZ correlations
