CHW vs VXX: Correlation
Measured on weekly returns over the past three years, Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.64, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and VXX?
Over the past 3 years, CHW and VXX moved with a correlation of -0.64, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.63) sits close to the 3-year figure. Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -722.3 %².
Among the 17 assets we track against CHW, VXX sits near the bottom by co-movement, at rank #16. The last year tells two different stories: CHW led by 76.5 percentage points, +26.8% for CHW against -49.7% for VXX. Note the risk asymmetry: VXX runs 3.3 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.
CHW vs VXX: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.8% | -49.7% |
| 5-year return | +27.6% | -95.6% |
| Volatility (ann.) | 18.6% | 60.9% |
| Beta vs S&P 500 | 1.05 | -3.31 |
| Max drawdown (3Y) | -20.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHW | VXX |
|---|---|---|
| 2022 | -37.7% | -23.8% |
| 2023 | +14.5% | -72.5% |
| 2024 | +27.8% | -26.2% |
| 2025 | +19.6% | -42.2% |
| 2026 | +20.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and VXX good diversifiers for each other?
Yes. With a correlation of -0.64, CHW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHW and VXX?
The CHW/VXX correlation stands at -0.64 on a 3-year window (1 year: -0.63, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CHW?
Yes. With a correlation of -0.64, CHW and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.64 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHW correlations · VXX correlations
