CNNE vs VXX: Correlation
Cannae Holdings, Inc. (CNNE) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNNE and VXX?
Across a 3-year window, the weekly returns of CNNE and VXX correlate at -0.45, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.45 over 1 year against -0.45 over 3. Stretching to 5 years gives -0.42, with an annualized covariance of -822.3 %².
Out of 11 assets tracked against CNNE, VXX lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with CNNE ahead by 35.9 points (-13.8% versus -49.7%). One caveat on sizing: VXX is 2.0 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.
CNNE vs VXX: side by side
| CNNE (Cannae Holdings, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.8% | -49.7% |
| 5-year return | -47.5% | -95.6% |
| Volatility (ann.) | 29.8% | 60.9% |
| Beta vs S&P 500 | 0.98 | -3.31 |
| Max drawdown (3Y) | -50.0% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.88% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNNE | VXX |
|---|---|---|
| 2022 | -41.3% | -23.8% |
| 2023 | -5.5% | -72.5% |
| 2024 | +3.7% | -26.2% |
| 2025 | -18.3% | -42.2% |
| 2026 | +0.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNNE and VXX good diversifiers for each other?
Yes. With a correlation of -0.45, CNNE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNNE and VXX?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.45 over the last year and -0.42 over 5 years.
Is VXX a good diversifier for CNNE?
Yes. With a correlation of -0.45, CNNE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 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/cnne-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnne-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNNE correlations · VXX correlations
