CWH vs VXZ: Correlation
Camping World Holdings, Inc. (CWH) 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 -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and VXZ?
Across a 3-year window, the weekly returns of CWH and VXZ correlate at -0.44, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.44 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -688.8 %².
Among the 28 assets we track against CWH, VXZ sits near the bottom by co-movement, at rank #28. The last year tells two different stories: VXZ led by 46.9 percentage points, -63.0% for CWH against -16.1% for VXZ. Note the risk asymmetry: CWH runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CWH vs VXZ: side by side
| CWH (Camping World Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -63.0% | -16.1% |
| 5-year return | -79.9% | -53.1% |
| Volatility (ann.) | 60.7% | 25.6% |
| Beta vs S&P 500 | 2.02 | -1.31 |
| Max drawdown (3Y) | -79.1% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWH | VXZ |
|---|---|---|
| 2022 | -39.6% | +0.5% |
| 2023 | +25.1% | -44.0% |
| 2024 | -17.9% | -12.7% |
| 2025 | -52.2% | +5.7% |
| 2026 | -33.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and VXZ good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CWH and VXZ?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.44 over the last year and -0.39 over 5 years.
Is VXZ a good diversifier for CWH?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 mean?
A reading of -0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cwh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWH correlations · VXZ correlations
