CSWC vs VXZ: Correlation
Measured on weekly returns over the past three years, Capital Southwest Corporation (CSWC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSWC and VXZ?
Across a 3-year window, the weekly returns of CSWC and VXZ correlate at -0.48, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.41 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -247.3 %².
VXZ is close to the least connected end of CSWC's tracked universe, ranking #16 of 17. The last year tells two different stories: CSWC led by 41.6 percentage points, +25.5% for CSWC against -16.1% for VXZ.
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.
CSWC vs VXZ: side by side
| CSWC (Capital Southwest Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.5% | -16.1% |
| 5-year return | +72.3% | -53.1% |
| Volatility (ann.) | 20.0% | 25.6% |
| Beta vs S&P 500 | 0.64 | -1.31 |
| Max drawdown (3Y) | -27.7% | -36.4% |
| Market cap | $1.6B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 9.20% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSWC | VXZ |
|---|---|---|
| 2022 | -24.4% | +0.5% |
| 2023 | +56.1% | -44.0% |
| 2024 | +2.1% | -12.7% |
| 2025 | +14.3% | +5.7% |
| 2026 | +23.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSWC and VXZ good diversifiers for each other?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CSWC and VXZ?
As of 2026-08-27, the correlation of weekly returns between CSWC and VXZ is -0.48 over 3 years, -0.41 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for CSWC?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/cswc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cswc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSWC correlations · VXZ correlations
