CNMD vs VXX: Correlation
Measured on weekly returns over the past three years, CONMED Corporation (CNMD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and VXX?
Over the past 3 years, CNMD and VXX moved with a correlation of -0.26, which is 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. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -598.0 %².
VXX is close to the least connected end of CNMD's tracked universe, ranking #10 of 11. The last year tells two different stories: CNMD led by 42.5 percentage points, -7.2% for CNMD against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.6 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.
CNMD vs VXX: side by side
| CNMD (CONMED Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.2% | -49.7% |
| 5-year return | -60.5% | -95.6% |
| Volatility (ann.) | 38.2% | 60.9% |
| Beta vs S&P 500 | 0.60 | -3.31 |
| Max drawdown (3Y) | -71.4% | -83.3% |
| Market cap | $1.5B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 0.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNMD | VXX |
|---|---|---|
| 2022 | -37.0% | -23.8% |
| 2023 | +24.5% | -72.5% |
| 2024 | -36.8% | -26.2% |
| 2025 | -40.0% | -42.2% |
| 2026 | +23.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNMD and VXX?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.32 over the last year and -0.33 over 5 years.
Is VXX a good diversifier for CNMD?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/cnmd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnmd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNMD correlations · VXX correlations
