CWST vs VXZ: Correlation
Measured on weekly returns over the past three years, Casella Waste Systems, Inc. (CWST) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWST and VXZ?
Over the past 3 years, CWST and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -159.7 %².
Out of 11 assets tracked against CWST, VXZ lands near the bottom at #11. Over the last 12 months CWST came out ahead by 9.0 percentage points (-7.1% 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.
CWST vs VXZ: side by side
| CWST (Casella Waste Systems, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.1% | -16.1% |
| 5-year return | +25.0% | -53.1% |
| Volatility (ann.) | 26.7% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -37.7% | -36.4% |
| Market cap | $5.9B | – |
| P/E (trailing) | 1162.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWST | VXZ |
|---|---|---|
| 2022 | -7.2% | +0.5% |
| 2023 | +7.8% | -44.0% |
| 2024 | +23.8% | -12.7% |
| 2025 | -7.4% | +5.7% |
| 2026 | -5.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWST and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, CWST and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CWST and VXZ?
As of 2026-08-27, the correlation of weekly returns between CWST and VXZ is -0.23 over 3 years, -0.29 over 1 year and -0.18 over 5 years.
Is VXZ a good diversifier for CWST?
Yes. With a correlation of -0.23, CWST and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/cwst-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwst-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWST correlations · VXZ correlations
