COP vs VXX: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and VXX?
Across a 3-year window, the weekly returns of COP and VXX correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.20) than the 3-year average (-0.24). Stretching to 5 years gives -0.22, with an annualized covariance of -422.9 %².
VXX is close to the least connected end of COP's tracked universe, ranking #37 of 40. Their recent paths diverged sharply: over the last 12 months COP outperformed by 86.2 percentage points (+36.5% for COP against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.1 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.
COP vs VXX: side by side
| COP (ConocoPhillips) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +36.5% | -49.7% |
| 5-year return | +175.2% | -95.6% |
| Volatility (ann.) | 29.1% | 60.9% |
| Beta vs S&P 500 | 0.25 | -3.31 |
| Max drawdown (3Y) | -36.3% | -83.3% |
| Market cap | $155.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | COP | VXX |
|---|---|---|
| 2022 | +71.7% | -23.8% |
| 2023 | +2.0% | -72.5% |
| 2024 | -12.2% | -26.2% |
| 2025 | -2.3% | -42.2% |
| 2026 | +41.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between COP and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.20 over the last year and -0.22 over 5 years.
Is VXX a good diversifier for COP?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/cop-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cop-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COP correlations · VXX correlations
