CTOS vs VXZ: Correlation
Custom Truck One Source, Inc. (CTOS) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTOS and VXZ?
Over the past 3 years, CTOS and VXZ moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -593.4 %².
Out of 13 assets tracked against CTOS, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with CTOS ahead by 77.4 points (+61.3% versus -16.1%). One caveat on sizing: CTOS is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CTOS vs VXZ: side by side
| CTOS (Custom Truck One Source, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.3% | -16.1% |
| 5-year return | +8.1% | -53.1% |
| Volatility (ann.) | 54.4% | 25.6% |
| Beta vs S&P 500 | 1.42 | -1.31 |
| Max drawdown (3Y) | -55.6% | -36.4% |
| Market cap | $2.2B | – |
| P/E (trailing) | 107.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CTOS | VXZ |
|---|---|---|
| 2022 | -21.0% | +0.5% |
| 2023 | -2.2% | -44.0% |
| 2024 | -22.2% | -12.7% |
| 2025 | +19.8% | +5.7% |
| 2026 | +67.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTOS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.43, CTOS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CTOS and VXZ?
The CTOS/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.34, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CTOS?
Yes. With a correlation of -0.43, CTOS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/ctos-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ctos-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CTOS correlations · VXZ correlations
