CWCO vs VXZ: Correlation
Measured on weekly returns over the past three years, Consolidated Water Co. Ltd. (CWCO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWCO and VXZ?
Across a 3-year window, the weekly returns of CWCO and VXZ correlate at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.27) runs above the 3-year figure (-0.40). Stretching to 5 years gives -0.28, with an annualized covariance of -314.5 %².
VXZ is close to the least connected end of CWCO's tracked universe, ranking #12 of 12. Over the last 12 months CWCO came out ahead by 7.8 percentage points (-8.3% against -16.1%).
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.
CWCO vs VXZ: side by side
| CWCO (Consolidated Water Co. Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.3% | -16.1% |
| 5-year return | +171.8% | -53.1% |
| Volatility (ann.) | 30.8% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -38.2% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 29.5 | – |
| Dividend yield | 1.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWCO | VXZ |
|---|---|---|
| 2022 | +42.6% | +0.5% |
| 2023 | +144.2% | -44.0% |
| 2024 | -26.5% | -12.7% |
| 2025 | +38.7% | +5.7% |
| 2026 | -13.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWCO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, CWCO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CWCO and VXZ?
The CWCO/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.27, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for CWCO?
Yes. With a correlation of -0.40, CWCO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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/cwco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWCO correlations · VXZ correlations
