CNM vs VXX: Correlation
Core & Main, Inc. (CNM) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNM and VXX?
Over the past 3 years, CNM and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.41 over 3 years. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -994.6 %².
Out of 17 assets tracked against CNM, VXX lands near the bottom at #17. The last year tells two different stories: CNM led by 16.2 percentage points, -33.5% for CNM against -49.7% for VXX. Risk is not evenly split, since VXX carries 1.5 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.
CNM vs VXX: side by side
| CNM (Core & Main, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.5% | -49.7% |
| 5-year return | +63.1% | -95.6% |
| Volatility (ann.) | 39.7% | 60.9% |
| Beta vs S&P 500 | 1.19 | -3.31 |
| Max drawdown (3Y) | -38.7% | -83.3% |
| Market cap | $8.5B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNM | VXX |
|---|---|---|
| 2022 | -36.4% | -23.8% |
| 2023 | +109.3% | -72.5% |
| 2024 | +26.0% | -26.2% |
| 2025 | +2.1% | -42.2% |
| 2026 | -15.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNM and VXX good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNM and VXX?
As of 2026-08-27, the correlation of weekly returns between CNM and VXX is -0.41 over 3 years, -0.23 over 1 year and -0.38 over 5 years.
Is VXX a good diversifier for CNM?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 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/cnm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNM correlations · VXX correlations
