CCD vs VXX: Correlation
Measured on weekly returns over the past three years, Calamos Dynamic Convertible & Income Fund - Closed End Fund (CCD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCD and VXX?
Over the past 3 years, CCD and VXX moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.56 lands near the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -557.9 %².
VXX is close to the least connected end of CCD's tracked universe, ranking #9 of 10. Correlation aside, the last 12 months split them widely, with CCD ahead by 85.1 points (+35.4% versus -49.7%). Risk is not evenly split, since VXX carries 3.3 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.
CCD vs VXX: side by side
| CCD (Calamos Dynamic Convertible & Income Fund - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +35.4% | -49.7% |
| 5-year return | +33.4% | -95.6% |
| Volatility (ann.) | 18.4% | 60.9% |
| Beta vs S&P 500 | 0.88 | -3.31 |
| Max drawdown (3Y) | -22.3% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 2.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCD | VXX |
|---|---|---|
| 2022 | -28.0% | -23.8% |
| 2023 | +8.0% | -72.5% |
| 2024 | +35.9% | -26.2% |
| 2025 | -4.3% | -42.2% |
| 2026 | +26.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCD and VXX good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCD and VXX?
The CCD/VXX correlation stands at -0.50 on a 3-year window (1 year: -0.56, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CCD?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
A reading of -0.50 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/ccd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCD correlations · VXX correlations
