CEE vs VXX: Correlation
Measured on weekly returns over the past three years, The Central and Eastern Europe Fund, Inc. (The) (CEE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and VXX?
Over the past 3 years, CEE and VXX moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.47) sits close to the 3-year figure. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -875.2 %².
VXX is close to the least connected end of CEE's tracked universe, ranking #12 of 12. The last year tells two different stories: CEE led by 70.5 percentage points, +20.8% for CEE against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.0 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.
CEE vs VXX: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.8% | -49.7% |
| 5-year return | -16.3% | -95.6% |
| Volatility (ann.) | 30.5% | 60.9% |
| Beta vs S&P 500 | 1.06 | -3.31 |
| Max drawdown (3Y) | -22.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 1.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEE | VXX |
|---|---|---|
| 2022 | -67.8% | -23.8% |
| 2023 | +22.6% | -72.5% |
| 2024 | +15.5% | -26.2% |
| 2025 | +65.6% | -42.2% |
| 2026 | +12.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between CEE and VXX?
The CEE/VXX correlation stands at -0.47 on a 3-year window (1 year: -0.47, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CEE?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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/cee-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cee-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CEE correlations · VXX correlations
