CLMT vs VXX: Correlation
Calumet, Inc (CLMT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLMT and VXX?
Over the past 3 years, CLMT and VXX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.12) runs above the 3-year figure (-0.31). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -1018.8 %².
VXX is close to the least connected end of CLMT's tracked universe, ranking #9 of 10. Correlation aside, the last 12 months split them widely, with CLMT ahead by 232.6 points (+182.9% versus -49.7%).
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.
CLMT vs VXX: side by side
| CLMT (Calumet, Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +182.9% | -49.7% |
| 5-year return | +582.1% | -95.6% |
| Volatility (ann.) | 53.8% | 60.9% |
| Beta vs S&P 500 | 0.97 | -3.31 |
| Max drawdown (3Y) | -61.9% | -83.3% |
| Market cap | $4.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLMT | VXX |
|---|---|---|
| 2022 | +27.9% | -23.8% |
| 2023 | +5.9% | -72.5% |
| 2024 | +23.2% | -26.2% |
| 2025 | -9.8% | -42.2% |
| 2026 | +130.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLMT and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, CLMT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLMT and VXX?
The CLMT/VXX correlation stands at -0.31 on a 3-year window (1 year: 0.12, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CLMT?
Yes. With a correlation of -0.31, CLMT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/clmt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clmt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLMT correlations · VXX correlations
