CAAP vs VXX: Correlation
How closely do Corporacion America Airports SA (CAAP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAP and VXX?
On 3 years of weekly data the CAAP/VXX correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -796.0 %².
Out of 11 assets tracked against CAAP, VXX lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months CAAP outperformed by 66.2 percentage points (+16.5% for CAAP against -49.7% for VXX). One caveat on sizing: VXX is 1.8 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.
CAAP vs VXX: side by side
| CAAP (Corporacion America Airports SA) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.5% | -49.7% |
| 5-year return | +323.5% | -95.6% |
| Volatility (ann.) | 33.9% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -26.6% | -83.3% |
| Market cap | $4.0B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 3.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAP | VXX |
|---|---|---|
| 2022 | +51.3% | -23.8% |
| 2023 | +84.0% | -72.5% |
| 2024 | +16.2% | -26.2% |
| 2025 | +39.3% | -42.2% |
| 2026 | -7.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAP and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between CAAP and VXX?
As of 2026-08-27, the correlation of weekly returns between CAAP and VXX is -0.39 over 3 years, -0.38 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for CAAP?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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/caap-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caap-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAAP correlations · VXX correlations
