CALY vs VXX: Correlation
How closely do Callaway Golf Company (CALY) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALY and VXX?
Over the past 3 years, CALY and VXX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -813.3 %².
Out of 16 assets tracked against CALY, VXX lands near the bottom at #16. The last year tells two different stories: CALY led by 107.3 percentage points, +57.6% for CALY against -49.7% for VXX.
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.
CALY vs VXX: side by side
| CALY (Callaway Golf Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +57.6% | -49.7% |
| 5-year return | -45.7% | -95.6% |
| Volatility (ann.) | 55.5% | 60.9% |
| Beta vs S&P 500 | 1.11 | -3.31 |
| Max drawdown (3Y) | -68.1% | -83.3% |
| Market cap | $2.8B | – |
| P/E (trailing) | 36.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALY | VXX |
|---|---|---|
| 2022 | -28.0% | -23.8% |
| 2023 | -27.4% | -72.5% |
| 2024 | -45.2% | -26.2% |
| 2025 | +48.5% | -42.2% |
| 2026 | +32.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALY and VXX good diversifiers for each other?
Yes. With a correlation of -0.24, CALY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CALY and VXX?
As of 2026-08-27, the correlation of weekly returns between CALY and VXX is -0.24 over 3 years, -0.39 over 1 year and -0.29 over 5 years.
Is VXX a good diversifier for CALY?
Yes. With a correlation of -0.24, CALY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/caly-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caly-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CALY correlations · VXX correlations
