CCEP vs VXX: Correlation
Measured on weekly returns over the past three years, Coca-Cola Europacific Partners plc (CCEP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEP and VXX?
Across a 3-year window, the weekly returns of CCEP and VXX correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -343.0 %².
Among the 17 assets we track against CCEP, VXX sits near the bottom by co-movement, at rank #16. The last year tells two different stories: CCEP led by 74.2 percentage points, +24.5% for CCEP against -49.7% for VXX. Note the risk asymmetry: VXX runs 3.2 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.
CCEP vs VXX: side by side
| CCEP (Coca-Cola Europacific Partners plc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.5% | -49.7% |
| 5-year return | +115.3% | -95.6% |
| Volatility (ann.) | 19.3% | 60.9% |
| Beta vs S&P 500 | 0.39 | -3.31 |
| Max drawdown (3Y) | -18.2% | -83.3% |
| Market cap | $47.4B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 1.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCEP | VXX |
|---|---|---|
| 2022 | +2.3% | -23.8% |
| 2023 | +24.5% | -72.5% |
| 2024 | +18.4% | -26.2% |
| 2025 | +21.2% | -42.2% |
| 2026 | +19.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEP and VXX good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCEP and VXX?
As of 2026-08-27, the correlation of weekly returns between CCEP and VXX is -0.29 over 3 years, -0.27 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for CCEP?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/ccep-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccep-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCEP correlations · VXX correlations
