CCO vs VYM: Correlation
How closely do Clear Channel Outdoor Holdings, Inc. (CCO) and Vanguard High Dividend Yield ETF (VYM) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and VYM?
On 3 years of weekly data the CCO/VYM correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 256.7 %².
Among the 11 assets we track against CCO, VYM ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CCO ahead by 67.1 points (+88.2% versus +21.1%). Note the risk asymmetry: CCO runs 3.9 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.
CCO vs VYM: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +88.2% | +21.1% |
| 5-year return | -6.3% | +76.6% |
| Volatility (ann.) | 48.4% | 12.3% |
| Beta vs S&P 500 | 1.25 | 0.69 |
| Max drawdown (3Y) | -57.1% | -14.5% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.24% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $99.2B |
| Sector / category | US Listed | ETF · Dividend |
VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Year-by-year returns
| Year | CCO | VYM |
|---|---|---|
| 2022 | -68.3% | -0.4% |
| 2023 | +73.3% | +6.6% |
| 2024 | -24.7% | +17.6% |
| 2025 | +61.3% | +15.4% |
| 2026 | +8.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and VYM good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCO and VYM?
The CCO/VYM correlation stands at 0.43 on a 3-year window (1 year: 0.38, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is VYM a good diversifier for CCO?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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.
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Related comparisons
Hubs: CCO correlations · VYM correlations
