NET vs VXZ: Correlation
Measured on weekly returns over the past three years, Cloudflare, Inc. (NET) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NET and VXZ?
Over the past 3 years, NET and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.02 versus -0.28 over 3 years. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -389.5 %².
VXZ is close to the least connected end of NET's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months NET outperformed by 66.3 percentage points (+50.2% for NET against -16.1% for VXZ). Risk is not evenly split, since NET carries 2.1 times the volatility of the other side.
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.
NET vs VXZ: side by side
| NET (Cloudflare, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +50.2% | -16.1% |
| 5-year return | +149.7% | -53.1% |
| Volatility (ann.) | 53.7% | 25.6% |
| Beta vs S&P 500 | 1.68 | -1.31 |
| Max drawdown (3Y) | -45.0% | -36.4% |
| Market cap | $109.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NET | VXZ |
|---|---|---|
| 2022 | -65.6% | +0.5% |
| 2023 | +84.2% | -44.0% |
| 2024 | +29.3% | -12.7% |
| 2025 | +83.1% | +5.7% |
| 2026 | +56.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NET and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, NET and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NET and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with 0.02 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for NET?
Yes. With a correlation of -0.28, NET and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/net-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/net-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NET correlations · VXZ correlations
