CWK vs VXZ: Correlation
Measured on weekly returns over the past three years, Cushman & Wakefield Ltd. (CWK) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWK and VXZ?
Across a 3-year window, the weekly returns of CWK and VXZ correlate at -0.51, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -617.7 %².
Among the 26 assets we track against CWK, VXZ sits near the bottom by co-movement, at rank #26. Twelve-month performance is nearly a tie, at -11.4% for CWK and -16.1% for VXZ. One caveat on sizing: CWK is 1.8 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.
CWK vs VXZ: side by side
| CWK (Cushman & Wakefield Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.4% | -16.1% |
| 5-year return | -22.4% | -53.1% |
| Volatility (ann.) | 47.1% | 25.6% |
| Beta vs S&P 500 | 1.67 | -1.31 |
| Max drawdown (3Y) | -49.0% | -36.4% |
| Market cap | $3.3B | – |
| P/E (trailing) | 50.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWK | VXZ |
|---|---|---|
| 2022 | -44.0% | +0.5% |
| 2023 | -13.3% | -44.0% |
| 2024 | +21.1% | -12.7% |
| 2025 | +23.8% | +5.7% |
| 2026 | -12.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.51, CWK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CWK and VXZ?
As of 2026-08-27, the correlation of weekly returns between CWK and VXZ is -0.51 over 3 years, -0.42 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for CWK?
Yes. With a correlation of -0.51, CWK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 mean?
A reading of -0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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[](https://www.pairbook.io/pair/cwk-vs-vxz/)
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Related comparisons
Hubs: CWK correlations · VXZ correlations
