CVLT vs VXZ: Correlation
Commvault Systems, Inc. (CVLT) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLT and VXZ?
Over the past 3 years, CVLT and VXZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.31). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -355.4 %².
VXZ is close to the least connected end of CVLT's tracked universe, ranking #9 of 10. On 12-month performance VXZ holds a 7.7-point edge, -23.8% against -16.1%. One caveat on sizing: CVLT is 1.7 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.
CVLT vs VXZ: side by side
| CVLT (Commvault Systems, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.8% | -16.1% |
| 5-year return | +73.1% | -53.1% |
| Volatility (ann.) | 44.6% | 25.6% |
| Beta vs S&P 500 | 1.29 | -1.31 |
| Max drawdown (3Y) | -61.5% | -36.4% |
| Market cap | $5.8B | – |
| P/E (trailing) | 86.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVLT | VXZ |
|---|---|---|
| 2022 | -8.8% | +0.5% |
| 2023 | +27.1% | -44.0% |
| 2024 | +89.0% | -12.7% |
| 2025 | -16.9% | +5.7% |
| 2026 | +12.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between CVLT and VXZ?
The CVLT/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.46, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CVLT?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/cvlt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvlt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVLT correlations · VXZ correlations
