CXT vs VXZ: Correlation
Measured on weekly returns over the past three years, Crane NXT, Co. (CXT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CXT and VXZ?
Over the past 3 years, CXT and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -351.0 %².
Among the 11 assets we track against CXT, VXZ sits near the bottom by co-movement, at rank #11. Neither side won the trailing year by much: -17.4% 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.
CXT vs VXZ: side by side
| CXT (Crane NXT, Co.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.4% | -16.1% |
| 5-year return | +48.9% | -53.1% |
| Volatility (ann.) | 35.7% | 25.6% |
| Beta vs S&P 500 | 0.98 | -1.31 |
| Max drawdown (3Y) | -47.0% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 1.38% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CXT | VXZ |
|---|---|---|
| 2022 | +0.6% | +0.5% |
| 2023 | +64.9% | -44.0% |
| 2024 | +3.5% | -12.7% |
| 2025 | -18.2% | +5.7% |
| 2026 | +6.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CXT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, CXT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CXT and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.35 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for CXT?
Yes. With a correlation of -0.38, CXT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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/cxt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cxt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CXT correlations · VXZ correlations
