CVX vs VXZ: Correlation
Measured on weekly returns over the past three years, Chevron Corporation (CVX) 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 CVX and VXZ?
Over the past 3 years, CVX and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.35) than the 3-year average (-0.24). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -144.1 %².
VXZ is close to the least connected end of CVX's tracked universe, ranking #27 of 29. The last year tells two different stories: CVX led by 46.5 percentage points, +30.4% for CVX 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.
CVX vs VXZ: side by side
| CVX (Chevron Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.4% | -16.1% |
| 5-year return | +148.1% | -53.1% |
| Volatility (ann.) | 23.8% | 25.6% |
| Beta vs S&P 500 | 0.22 | -1.31 |
| Max drawdown (3Y) | -20.8% | -36.4% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | – |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | CVX | VXZ |
|---|---|---|
| 2022 | +58.5% | +0.5% |
| 2023 | -13.6% | -44.0% |
| 2024 | +1.3% | -12.7% |
| 2025 | +10.1% | +5.7% |
| 2026 | +34.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, CVX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVX and VXZ?
The CVX/VXZ correlation stands at -0.24 on a 3-year window (1 year: 0.35, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CVX?
Yes. With a correlation of -0.24, CVX 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/cvx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVX correlations · VXZ correlations
