CZNC vs VXZ: Correlation
How closely do Citizens & Northern Corp (CZNC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZNC and VXZ?
Across a 3-year window, the weekly returns of CZNC and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.45). Stretching to 5 years gives -0.40, with an annualized covariance of -318.5 %².
Among the 14 assets we track against CZNC, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months CZNC outperformed by 48.6 percentage points (+32.5% for CZNC 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.
CZNC vs VXZ: side by side
| CZNC (Citizens & Northern Corp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.5% | -16.1% |
| 5-year return | +31.8% | -53.1% |
| Volatility (ann.) | 27.6% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -26.1% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 4.42% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZNC | VXZ |
|---|---|---|
| 2022 | -8.4% | +0.5% |
| 2023 | +3.7% | -44.0% |
| 2024 | -12.2% | -12.7% |
| 2025 | +14.9% | +5.7% |
| 2026 | +31.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZNC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between CZNC and VXZ?
As of 2026-08-27, the correlation of weekly returns between CZNC and VXZ is -0.45 over 3 years, -0.24 over 1 year and -0.40 over 5 years.
Is VXZ a good diversifier for CZNC?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
A reading of -0.45 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/cznc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cznc-vs-vxz/)
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Related comparisons
Hubs: CZNC correlations · VXZ correlations
