CNI vs VXX: Correlation
How closely do Canadian National Railway Company (CNI) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNI and VXX?
On 3 years of weekly data the CNI/VXX correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.31). The 5-year figure is -0.31, and annualized covariance runs at -351.0 %².
Among the 10 assets we track against CNI, VXX sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months CNI outperformed by 82.2 percentage points (+32.5% for CNI against -49.7% for VXX). One caveat on sizing: VXX is 3.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CNI vs VXX: side by side
| CNI (Canadian National Railway Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.5% | -49.7% |
| 5-year return | +27.2% | -95.6% |
| Volatility (ann.) | 18.6% | 60.9% |
| Beta vs S&P 500 | 0.48 | -3.31 |
| Max drawdown (3Y) | -29.1% | -83.3% |
| Market cap | $76.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 2.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNI | VXX |
|---|---|---|
| 2022 | -1.4% | -23.8% |
| 2023 | +7.8% | -72.5% |
| 2024 | -17.5% | -26.2% |
| 2025 | -0.8% | -42.2% |
| 2026 | +29.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNI and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, CNI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNI and VXX?
The CNI/VXX correlation stands at -0.31 on a 3-year window (1 year: -0.19, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CNI?
Yes. With a correlation of -0.31, CNI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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/cni-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cni-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNI correlations · VXX correlations
