CLF vs VXX: Correlation
How closely do Cleveland-Cliffs Inc. (CLF) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and VXX?
Over the past 3 years, CLF and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -1224.3 %².
VXX is close to the least connected end of CLF's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months CLF outperformed by 59.3 percentage points (+9.6% for CLF against -49.7% for VXX).
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.
CLF vs VXX: side by side
| CLF (Cleveland-Cliffs Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.6% | -49.7% |
| 5-year return | -50.7% | -95.6% |
| Volatility (ann.) | 61.7% | 60.9% |
| Beta vs S&P 500 | 1.74 | -3.31 |
| Max drawdown (3Y) | -74.5% | -83.3% |
| Market cap | $6.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLF | VXX |
|---|---|---|
| 2022 | -26.0% | -23.8% |
| 2023 | +26.8% | -72.5% |
| 2024 | -54.0% | -26.2% |
| 2025 | +41.3% | -42.2% |
| 2026 | -10.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between CLF and VXX?
As of 2026-08-27, the correlation of weekly returns between CLF and VXX is -0.33 over 3 years, -0.33 over 1 year and -0.33 over 5 years.
Is VXX a good diversifier for CLF?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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/clf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLF correlations · VXX correlations
