CNO vs VXX: Correlation
Measured on weekly returns over the past three years, CNO Financial Group, Inc. (CNO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNO and VXX?
Across a 3-year window, the weekly returns of CNO and VXX correlate at -0.48, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.48). Stretching to 5 years gives -0.44, with an annualized covariance of -654.5 %².
Among the 25 assets we track against CNO, VXX sits near the bottom by co-movement, at rank #24. Correlation aside, the last 12 months split them widely, with CNO ahead by 91.3 points (+41.6% versus -49.7%). One caveat on sizing: VXX is 2.7 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.
CNO vs VXX: side by side
| CNO (CNO Financial Group, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +41.6% | -49.7% |
| 5-year return | +150.0% | -95.6% |
| Volatility (ann.) | 22.5% | 60.9% |
| Beta vs S&P 500 | 0.69 | -3.31 |
| Max drawdown (3Y) | -15.9% | -83.3% |
| Market cap | $5.1B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 1.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNO | VXX |
|---|---|---|
| 2022 | -1.6% | -23.8% |
| 2023 | +25.1% | -72.5% |
| 2024 | +36.1% | -26.2% |
| 2025 | +16.1% | -42.2% |
| 2026 | +30.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNO and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNO and VXX?
As of 2026-08-27, the correlation of weekly returns between CNO and VXX is -0.48 over 3 years, -0.22 over 1 year and -0.44 over 5 years.
Is VXX a good diversifier for CNO?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 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/cno-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cno-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNO correlations · VXX correlations
