CARR vs VXX: Correlation
Carrier Global (CARR) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and VXX?
Across a 3-year window, the weekly returns of CARR and VXX correlate at -0.49, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.34) than the 3-year average (-0.49). Stretching to 5 years gives -0.48, with an annualized covariance of -973.6 %².
Out of 29 assets tracked against CARR, VXX lands near the bottom at #28. Their recent paths diverged sharply: over the last 12 months CARR outperformed by 38.1 percentage points (-11.6% for CARR against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.9 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.
CARR vs VXX: side by side
| CARR (Carrier Global) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.6% | -49.7% |
| 5-year return | +8.8% | -95.6% |
| Volatility (ann.) | 32.6% | 60.9% |
| Beta vs S&P 500 | 1.21 | -3.31 |
| Max drawdown (3Y) | -38.1% | -83.3% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | VXX |
|---|---|---|
| 2022 | -22.7% | -23.8% |
| 2023 | +41.5% | -72.5% |
| 2024 | +20.3% | -26.2% |
| 2025 | -21.8% | -42.2% |
| 2026 | +12.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between CARR and VXX?
As of 2026-08-27, the correlation of weekly returns between CARR and VXX is -0.49 over 3 years, -0.34 over 1 year and -0.48 over 5 years.
Is VXX a good diversifier for CARR?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
A reading of -0.49 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/carr-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/carr-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CARR correlations · VXX correlations
