CBL vs VXX: Correlation
Measured on weekly returns over the past three years, CBL & Associates Properties, Inc. (CBL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBL and VXX?
Across a 3-year window, the weekly returns of CBL and VXX correlate at -0.44, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.44). Stretching to 5 years gives -0.36, with an annualized covariance of -705.0 %².
VXX is close to the least connected end of CBL's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months CBL outperformed by 134.9 percentage points (+85.2% for CBL against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.3 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.
CBL vs VXX: side by side
| CBL (CBL & Associates Properties, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +85.2% | -49.7% |
| 5-year return | +159.7% | -95.6% |
| Volatility (ann.) | 26.3% | 60.9% |
| Beta vs S&P 500 | 0.66 | -3.31 |
| Max drawdown (3Y) | -29.1% | -83.3% |
| Market cap | $1.7B | – |
| P/E (trailing) | 7.9 | – |
| Dividend yield | 3.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBL | VXX |
|---|---|---|
| 2022 | -18.0% | -23.8% |
| 2023 | +13.0% | -72.5% |
| 2024 | +28.5% | -26.2% |
| 2025 | +37.2% | -42.2% |
| 2026 | +52.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between CBL and VXX?
The CBL/VXX correlation stands at -0.44 on a 3-year window (1 year: -0.19, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CBL?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 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/cbl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBL correlations · VXX correlations
