CAAP vs VXZ: Correlation
Corporacion America Airports SA (CAAP) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAP and VXZ?
Over the past 3 years, CAAP and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -308.7 %².
Out of 11 assets tracked against CAAP, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CAAP ahead by 32.6 points (+16.5% versus -16.1%).
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 VXZ: side by side
| CAAP (Corporacion America Airports SA) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.5% | -16.1% |
| 5-year return | +323.5% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -26.6% | -36.4% |
| Market cap | $4.0B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 3.70% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAP | VXZ |
|---|---|---|
| 2022 | +51.3% | +0.5% |
| 2023 | +84.0% | -44.0% |
| 2024 | +16.2% | -12.7% |
| 2025 | +39.3% | +5.7% |
| 2026 | -7.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, CAAP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAAP and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.28 over the last year and -0.28 over 5 years.
Is VXZ a good diversifier for CAAP?
Yes. With a correlation of -0.36, CAAP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/caap-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caap-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAAP correlations · VXZ correlations
