CX vs VXZ: Correlation
Measured on weekly returns over the past three years, Cemex, S.A.B. de C.V. Sponsored ADR (CX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CX and VXZ?
Over the past 3 years, CX and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.39 over 3. Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -374.9 %².
VXZ is close to the least connected end of CX's tracked universe, ranking #9 of 10. The last year tells two different stories: CX led by 39.1 percentage points, +23.0% for CX 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.
CX vs VXZ: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.0% | -16.1% |
| 5-year return | +37.2% | -53.1% |
| Volatility (ann.) | 37.4% | 25.6% |
| Beta vs S&P 500 | 1.14 | -1.31 |
| Max drawdown (3Y) | -44.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CX | VXZ |
|---|---|---|
| 2022 | -40.3% | +0.5% |
| 2023 | +91.4% | -44.0% |
| 2024 | -26.5% | -12.7% |
| 2025 | +105.1% | +5.7% |
| 2026 | -4.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between CX and VXZ?
As of 2026-08-27, the correlation of weekly returns between CX and VXZ is -0.39 over 3 years, -0.34 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for CX?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/cx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CX correlations · VXZ correlations
