CSV vs VXZ: Correlation
Carriage Services, Inc. (CSV) 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 -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSV and VXZ?
On 3 years of weekly data the CSV/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.29 over 3. The 5-year figure is -0.25, and annualized covariance runs at -232.7 %².
Among the 11 assets we track against CSV, VXZ sits near the bottom by co-movement, at rank #11. The trailing year gives VXZ the advantage: -22.2% versus -16.1%, a 6.1-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.
CSV vs VXZ: side by side
| CSV (Carriage Services, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -22.2% | -16.1% |
| 5-year return | -19.2% | -53.1% |
| Volatility (ann.) | 31.0% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -36.6% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 1.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSV | VXZ |
|---|---|---|
| 2022 | -56.7% | +0.5% |
| 2023 | -7.7% | -44.0% |
| 2024 | +61.8% | -12.7% |
| 2025 | +7.3% | +5.7% |
| 2026 | -18.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSV and VXZ good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CSV and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.20 over the last year and -0.25 over 5 years.
Is VXZ a good diversifier for CSV?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/csv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSV correlations · VXZ correlations
