CFR vs VXX: Correlation
Cullen/Frost Bankers, Inc. (CFR) 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 -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFR and VXX?
On 3 years of weekly data the CFR/VXX correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.48). The 5-year figure is -0.43, and annualized covariance runs at -757.1 %².
Out of 12 assets tracked against CFR, VXX lands near the bottom at #11. The last year tells two different stories: CFR led by 75.8 percentage points, +26.1% for CFR against -49.7% for VXX. One caveat on sizing: VXX is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CFR vs VXX: side by side
| CFR (Cullen/Frost Bankers, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.1% | -49.7% |
| 5-year return | +64.2% | -95.6% |
| Volatility (ann.) | 25.6% | 60.9% |
| Beta vs S&P 500 | 0.76 | -3.31 |
| Max drawdown (3Y) | -26.5% | -83.3% |
| Market cap | $10.0B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 2.47% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CFR | VXX |
|---|---|---|
| 2022 | +8.7% | -23.8% |
| 2023 | -16.1% | -72.5% |
| 2024 | +27.9% | -26.2% |
| 2025 | -2.8% | -42.2% |
| 2026 | +29.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFR and VXX good diversifiers for each other?
Yes. With a correlation of -0.48, CFR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CFR and VXX?
The CFR/VXX correlation stands at -0.48 on a 3-year window (1 year: -0.17, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CFR?
Yes. With a correlation of -0.48, CFR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
A reading of -0.48 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/cfr-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cfr-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CFR correlations · VXX correlations
