CMC vs VXX: Correlation
How closely do Commercial Metals Company (CMC) 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 -0.56, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and VXX?
On 3 years of weekly data the CMC/VXX correlation comes out at -0.56, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.43) runs above the 3-year figure (-0.56). The 5-year figure is -0.52, and annualized covariance runs at -1133.0 %².
Among the 19 assets we track against CMC, VXX sits near the bottom by co-movement, at rank #19. The last year tells two different stories: CMC led by 71.7 percentage points, +22.0% for CMC against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.8 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.
CMC vs VXX: side by side
| CMC (Commercial Metals Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.0% | -49.7% |
| 5-year return | +119.5% | -95.6% |
| Volatility (ann.) | 33.3% | 60.9% |
| Beta vs S&P 500 | 1.26 | -3.31 |
| Max drawdown (3Y) | -37.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 1.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMC | VXX |
|---|---|---|
| 2022 | +35.0% | -23.8% |
| 2023 | +5.0% | -72.5% |
| 2024 | +0.4% | -26.2% |
| 2025 | +41.5% | -42.2% |
| 2026 | +0.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMC and VXX?
The CMC/VXX correlation stands at -0.56 on a 3-year window (1 year: -0.43, 5 years: -0.52), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CMC?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
What does a correlation of -0.56 mean?
On the −1 to +1 scale, -0.56 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/cmc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMC correlations · VXX correlations
