CVR vs VXZ: Correlation
Measured on weekly returns over the past three years, Chicago Rivet & Machine Co. (CVR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVR and VXZ?
Across a 3-year window, the weekly returns of CVR and VXZ correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives -0.24, with an annualized covariance of -318.6 %².
VXZ is close to the least connected end of CVR's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with CVR ahead by 17.1 points (+1.0% versus -16.1%). Risk is not evenly split, since CVR carries 2.0 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.
CVR vs VXZ: side by side
| CVR (Chicago Rivet & Machine Co.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.0% | -16.1% |
| 5-year return | -56.4% | -53.1% |
| Volatility (ann.) | 50.8% | 25.6% |
| Beta vs S&P 500 | 0.97 | -1.31 |
| Max drawdown (3Y) | -58.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.87% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVR | VXZ |
|---|---|---|
| 2022 | +12.5% | +0.5% |
| 2023 | -39.0% | -44.0% |
| 2024 | -4.8% | -12.7% |
| 2025 | -11.3% | +5.7% |
| 2026 | -27.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, CVR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVR and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.18 over the last year and -0.24 over 5 years.
Is VXZ a good diversifier for CVR?
Yes. With a correlation of -0.24, CVR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/cvr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVR correlations · VXZ correlations
