CHCO vs VXX: Correlation
How closely do City Holding Company (CHCO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHCO and VXX?
Over the past 3 years, CHCO and VXX moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.40). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -505.8 %².
Among the 16 assets we track against CHCO, VXX sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with CHCO ahead by 63.0 points (+13.3% versus -49.7%). Note the risk asymmetry: VXX runs 2.9 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.
CHCO vs VXX: side by side
| CHCO (City Holding Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.3% | -49.7% |
| 5-year return | +113.1% | -95.6% |
| Volatility (ann.) | 20.7% | 60.9% |
| Beta vs S&P 500 | 0.45 | -3.31 |
| Max drawdown (3Y) | -18.4% | -83.3% |
| Market cap | $2.0B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 2.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHCO | VXX |
|---|---|---|
| 2022 | +17.3% | -23.8% |
| 2023 | +22.0% | -72.5% |
| 2024 | +10.4% | -26.2% |
| 2025 | +3.4% | -42.2% |
| 2026 | +22.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHCO and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between CHCO and VXX?
As of 2026-08-27, the correlation of weekly returns between CHCO and VXX is -0.40 over 3 years, -0.16 over 1 year and -0.35 over 5 years.
Is VXX a good diversifier for CHCO?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/chco-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chco-vs-vxx/)
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Related comparisons
Hubs: CHCO correlations · VXX correlations
