CDXS vs VXX: Correlation
Codexis, Inc. (CDXS) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDXS and VXX?
Across a 3-year window, the weekly returns of CDXS and VXX correlate at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -1710.9 %².
VXX is close to the least connected end of CDXS's tracked universe, ranking #10 of 12. On 12-month performance CDXS holds a 11.9-point edge, -37.8% against -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.
CDXS vs VXX: side by side
| CDXS (Codexis, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -37.8% | -49.7% |
| 5-year return | -93.7% | -95.6% |
| Volatility (ann.) | 88.6% | 60.9% |
| Beta vs S&P 500 | 2.44 | -3.31 |
| Max drawdown (3Y) | -83.1% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDXS | VXX |
|---|---|---|
| 2022 | -85.1% | -23.8% |
| 2023 | -34.5% | -72.5% |
| 2024 | +56.4% | -26.2% |
| 2025 | -65.8% | -42.2% |
| 2026 | +1.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and VXX good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CDXS and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.22 over the last year and -0.30 over 5 years.
Is VXX a good diversifier for CDXS?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 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/cdxs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdxs-vs-vxx/)
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Related comparisons
Hubs: CDXS correlations · VXX correlations
