CAE vs VXX: Correlation
Measured on weekly returns over the past three years, CAE Inc (CAE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAE and VXX?
Across a 3-year window, the weekly returns of CAE and VXX correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.40, with an annualized covariance of -713.9 %².
Out of 10 assets tracked against CAE, VXX lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CAE ahead by 41.9 points (-7.8% versus -49.7%). Note the risk asymmetry: VXX runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CAE vs VXX: side by side
| CAE (CAE Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.8% | -49.7% |
| 5-year return | -12.4% | -95.6% |
| Volatility (ann.) | 29.6% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -34.6% | -83.3% |
| Market cap | $8.0B | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAE | VXX |
|---|---|---|
| 2022 | -23.4% | -23.8% |
| 2023 | +11.6% | -72.5% |
| 2024 | +17.6% | -26.2% |
| 2025 | +19.9% | -42.2% |
| 2026 | -18.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAE and VXX good diversifiers for each other?
Yes. With a correlation of -0.40, CAE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAE and VXX?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.35 over the last year and -0.40 over 5 years.
Is VXX a good diversifier for CAE?
Yes. With a correlation of -0.40, CAE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
A reading of -0.40 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/cae-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cae-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAE correlations · VXX correlations
