CXW vs VXZ: Correlation
CoreCivic, Inc. (CXW) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CXW and VXZ?
On 3 years of weekly data the CXW/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.35 over 3. The 5-year figure is -0.32, and annualized covariance runs at -485.1 %².
VXZ is close to the least connected end of CXW's tracked universe, ranking #12 of 12. The last year tells two different stories: CXW led by 80.6 percentage points, +64.5% for CXW against -16.1% for VXZ. One caveat on sizing: CXW is 2.1 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.
CXW vs VXZ: side by side
| CXW (CoreCivic, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +64.5% | -16.1% |
| 5-year return | +251.2% | -53.1% |
| Volatility (ann.) | 53.5% | 25.6% |
| Beta vs S&P 500 | 0.94 | -1.31 |
| Max drawdown (3Y) | -32.6% | -36.4% |
| Market cap | $3.3B | – |
| P/E (trailing) | 27.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CXW | VXZ |
|---|---|---|
| 2022 | +15.9% | +0.5% |
| 2023 | +25.7% | -44.0% |
| 2024 | +49.6% | -12.7% |
| 2025 | -12.1% | +5.7% |
| 2026 | +76.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CXW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between CXW and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.31 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for CXW?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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/cxw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cxw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CXW correlations · VXZ correlations
