CCL vs VXX: Correlation
How closely do Carnival Corporation (CCL) 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 -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and VXX?
Across a 3-year window, the weekly returns of CCL and VXX correlate at -0.53, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.53) sits close to the 3-year figure. Stretching to 5 years gives -0.49, with an annualized covariance of -1513.4 %².
Among the 40 assets we track against CCL, VXX sits near the bottom by co-movement, at rank #40. The last year tells two different stories: CCL led by 28.1 percentage points, -21.6% for CCL 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.
CCL vs VXX: side by side
| CCL (Carnival Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -21.6% | -49.7% |
| 5-year return | +7.3% | -95.6% |
| Volatility (ann.) | 46.5% | 60.9% |
| Beta vs S&P 500 | 1.72 | -3.31 |
| Max drawdown (3Y) | -42.3% | -83.3% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | VXX |
|---|---|---|
| 2022 | -59.9% | -23.8% |
| 2023 | +130.0% | -72.5% |
| 2024 | +34.4% | -26.2% |
| 2025 | +22.6% | -42.2% |
| 2026 | -17.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and VXX good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCL and VXX?
Using weekly returns as of 2026-08-27: -0.53 over 3 years, with -0.53 over the last year and -0.49 over 5 years.
Is VXX a good diversifier for CCL?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/ccl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCL correlations · VXX correlations
