CCO vs VXX: Correlation
Clear Channel Outdoor Holdings, Inc. (CCO) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and VXX?
On 3 years of weekly data the CCO/VXX correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.35). The 5-year figure is -0.28, and annualized covariance runs at -1043.8 %².
Out of 11 assets tracked against CCO, VXX lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with CCO ahead by 137.9 points (+88.2% versus -49.7%).
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.
CCO vs VXX: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +88.2% | -49.7% |
| 5-year return | -6.3% | -95.6% |
| Volatility (ann.) | 48.4% | 60.9% |
| Beta vs S&P 500 | 1.25 | -3.31 |
| Max drawdown (3Y) | -57.1% | -83.3% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCO | VXX |
|---|---|---|
| 2022 | -68.3% | -23.8% |
| 2023 | +73.3% | -72.5% |
| 2024 | -24.7% | -26.2% |
| 2025 | +61.3% | -42.2% |
| 2026 | +8.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and VXX good diversifiers for each other?
Yes. With a correlation of -0.35, CCO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCO and VXX?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.24 over the last year and -0.28 over 5 years.
Is VXX a good diversifier for CCO?
Yes. With a correlation of -0.35, CCO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cco-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cco-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCO correlations · VXX correlations
