CM vs VXX: Correlation
Canadian Imperial Bank of Commerce (CM) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CM and VXX?
Across a 3-year window, the weekly returns of CM and VXX correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -396.4 %².
Out of 10 assets tracked against CM, VXX lands near the bottom at #10. The last year tells two different stories: CM led by 104.5 percentage points, +54.8% for CM against -49.7% for VXX. Risk is not evenly split, since VXX carries 3.2 times the volatility of the other side.
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.
CM vs VXX: side by side
| CM (Canadian Imperial Bank of Commerce) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +54.8% | -49.7% |
| 5-year return | +145.1% | -95.6% |
| Volatility (ann.) | 19.2% | 60.9% |
| Beta vs S&P 500 | 0.57 | -3.31 |
| Max drawdown (3Y) | -17.4% | -83.3% |
| Market cap | $104.3B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CM | VXX |
|---|---|---|
| 2022 | -26.8% | -23.8% |
| 2023 | +26.5% | -72.5% |
| 2024 | +37.8% | -26.2% |
| 2025 | +46.5% | -42.2% |
| 2026 | +28.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CM and VXX good diversifiers for each other?
Yes. With a correlation of -0.34, CM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CM and VXX?
The CM/VXX correlation stands at -0.34 on a 3-year window (1 year: -0.32, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CM?
Yes. With a correlation of -0.34, CM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
A reading of -0.34 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/cm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CM correlations · VXX correlations
