CHMI vs VXX: Correlation
How closely do Cherry Hill Mortgage Investment Corporation (CHMI) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMI and VXX?
Over the past 3 years, CHMI and VXX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -892.9 %².
Out of 13 assets tracked against CHMI, VXX lands near the bottom at #12. The last year tells two different stories: CHMI led by 68.8 percentage points, +19.1% for CHMI against -49.7% for VXX. One caveat on sizing: VXX is 1.6 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.
CHMI vs VXX: side by side
| CHMI (Cherry Hill Mortgage Investment Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.1% | -49.7% |
| 5-year return | -27.0% | -95.6% |
| Volatility (ann.) | 38.1% | 60.9% |
| Beta vs S&P 500 | 0.85 | -3.31 |
| Max drawdown (3Y) | -32.7% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 13.9 | – |
| Dividend yield | 13.65% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMI | VXX |
|---|---|---|
| 2022 | -17.2% | -23.8% |
| 2023 | -18.9% | -72.5% |
| 2024 | -21.9% | -26.2% |
| 2025 | +14.9% | -42.2% |
| 2026 | +24.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMI and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHMI and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.29 over the last year and -0.41 over 5 years.
Is VXX a good diversifier for CHMI?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/chmi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chmi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHMI correlations · VXX correlations
