CHMG vs VXX: Correlation
How closely do Chemung Financial Corp (CHMG) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMG and VXX?
On 3 years of weekly data the CHMG/VXX correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.35 over 3 years. The 5-year figure is -0.29, and annualized covariance runs at -566.1 %².
VXX is close to the least connected end of CHMG's tracked universe, ranking #9 of 10. The last year tells two different stories: CHMG led by 105.3 percentage points, +55.6% for CHMG against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.3 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.
CHMG vs VXX: side by side
| CHMG (Chemung Financial Corp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +55.6% | -49.7% |
| 5-year return | +104.0% | -95.6% |
| Volatility (ann.) | 26.7% | 60.9% |
| Beta vs S&P 500 | 0.46 | -3.31 |
| Max drawdown (3Y) | -25.1% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.68% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMG | VXX |
|---|---|---|
| 2022 | +1.6% | -23.8% |
| 2023 | +11.7% | -72.5% |
| 2024 | +0.7% | -26.2% |
| 2025 | +17.3% | -42.2% |
| 2026 | +47.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMG and VXX good diversifiers for each other?
Yes. With a correlation of -0.35, CHMG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHMG and VXX?
As of 2026-08-27, the correlation of weekly returns between CHMG and VXX is -0.35 over 3 years, -0.18 over 1 year and -0.29 over 5 years.
Is VXX a good diversifier for CHMG?
Yes. With a correlation of -0.35, CHMG and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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/chmg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chmg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHMG correlations · VXX correlations
