CZFS vs VXX: Correlation
Citizens Financial Services, Inc. (CZFS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZFS and VXX?
On 3 years of weekly data the CZFS/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.06) runs above the 3-year figure (-0.38). The 5-year figure is -0.33, and annualized covariance runs at -1008.2 %².
Out of 14 assets tracked against CZFS, VXX lands near the bottom at #13. The last year tells two different stories: CZFS led by 84.5 percentage points, +34.8% for CZFS against -49.7% for VXX.
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.
CZFS vs VXX: side by side
| CZFS (Citizens Financial Services, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +34.8% | -49.7% |
| 5-year return | +56.8% | -95.6% |
| Volatility (ann.) | 43.2% | 60.9% |
| Beta vs S&P 500 | 0.95 | -3.31 |
| Max drawdown (3Y) | -38.1% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 2.49% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZFS | VXX |
|---|---|---|
| 2022 | +31.2% | -23.8% |
| 2023 | -12.3% | -72.5% |
| 2024 | +2.7% | -26.2% |
| 2025 | -6.9% | -42.2% |
| 2026 | +44.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZFS and VXX good diversifiers for each other?
Yes. With a correlation of -0.38, CZFS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CZFS and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.06 over the last year and -0.33 over 5 years.
Is VXX a good diversifier for CZFS?
Yes. With a correlation of -0.38, CZFS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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/czfs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/czfs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CZFS correlations · VXX correlations
