CSTM vs VXZ: Correlation
Measured on weekly returns over the past three years, Constellium SE (CSTM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSTM and VXZ?
On 3 years of weekly data the CSTM/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.40 over 3. The 5-year figure is -0.42, and annualized covariance runs at -418.6 %².
Among the 11 assets we track against CSTM, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with CSTM ahead by 103.8 points (+87.7% versus -16.1%). Risk is not evenly split, since CSTM carries 1.6 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.
CSTM vs VXZ: side by side
| CSTM (Constellium SE) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +87.7% | -16.1% |
| 5-year return | +38.2% | -53.1% |
| Volatility (ann.) | 41.2% | 25.6% |
| Beta vs S&P 500 | 1.25 | -1.31 |
| Max drawdown (3Y) | -66.3% | -36.4% |
| Market cap | $3.7B | – |
| P/E (trailing) | 7.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSTM | VXZ |
|---|---|---|
| 2022 | -33.9% | +0.5% |
| 2023 | +68.7% | -44.0% |
| 2024 | -48.5% | -12.7% |
| 2025 | +83.5% | +5.7% |
| 2026 | +45.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSTM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, CSTM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CSTM and VXZ?
The CSTM/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.44, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CSTM?
Yes. With a correlation of -0.40, CSTM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/cstm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cstm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSTM correlations · VXZ correlations
