CVX vs VATE: Correlation
Chevron Corporation (CVX) and INNOVATE Corp. (VATE) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and VATE?
Across a 3-year window, the weekly returns of CVX and VATE correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.21). Stretching to 5 years gives -0.06, with an annualized covariance of -608.8 %².
Among the 29 assets we track against CVX, VATE ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VATE ahead by 15.4 points (+30.4% versus +45.8%). One caveat on sizing: VATE is 5.2 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.
CVX vs VATE: side by side
| CVX (Chevron Corporation) | VATE (INNOVATE Corp.) | |
|---|---|---|
| 1-year return | +30.4% | +45.8% |
| 5-year return | +148.1% | -79.2% |
| Volatility (ann.) | 23.8% | 122.7% |
| Beta vs S&P 500 | 0.22 | 2.14 |
| Max drawdown (3Y) | -20.8% | -81.0% |
| Market cap | $391.9B | $0.1B |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | CVX | VATE |
|---|---|---|
| 2022 | +58.5% | -49.5% |
| 2023 | -13.6% | -34.2% |
| 2024 | +1.3% | -59.8% |
| 2025 | +10.1% | -8.5% |
| 2026 | +34.7% | +71.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and VATE good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVX and VATE?
As of 2026-08-27, the correlation of weekly returns between CVX and VATE is -0.21 over 3 years, -0.49 over 1 year and -0.06 over 5 years.
Is VATE a good diversifier for CVX?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/cvx-vs-vate.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvx-vs-vate/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVX correlations · VATE correlations
