CMRE vs VXX: Correlation
Measured on weekly returns over the past three years, Costamare Inc. (CMRE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRE and VXX?
On 3 years of weekly data the CMRE/VXX correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.30). The 5-year figure is -0.29, and annualized covariance runs at -647.2 %².
Out of 16 assets tracked against CMRE, VXX lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months CMRE outperformed by 82.5 percentage points (+32.8% for CMRE against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.7 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.
CMRE vs VXX: side by side
| CMRE (Costamare Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.8% | -49.7% |
| 5-year return | +30.5% | -95.6% |
| Volatility (ann.) | 35.3% | 60.9% |
| Beta vs S&P 500 | 0.73 | -3.31 |
| Max drawdown (3Y) | -57.8% | -83.3% |
| Market cap | $1.9B | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 3.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMRE | VXX |
|---|---|---|
| 2022 | -22.8% | -23.8% |
| 2023 | +16.2% | -72.5% |
| 2024 | +26.9% | -26.2% |
| 2025 | +26.5% | -42.2% |
| 2026 | -1.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRE and VXX good diversifiers for each other?
Yes. With a correlation of -0.30, CMRE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CMRE and VXX?
As of 2026-08-27, the correlation of weekly returns between CMRE and VXX is -0.30 over 3 years, -0.11 over 1 year and -0.29 over 5 years.
Is VXX a good diversifier for CMRE?
Yes. With a correlation of -0.30, CMRE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/cmre-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmre-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMRE correlations · VXX correlations
