CP vs VXX: Correlation
How closely do Canadian Pacific Kansas City Limited (CP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CP and VXX?
On 3 years of weekly data the CP/VXX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -294.2 %².
VXX is close to the least connected end of CP's tracked universe, ranking #9 of 10. The last year tells two different stories: CP led by 72.6 percentage points, +22.9% for CP against -49.7% for VXX. One caveat on sizing: VXX is 2.9 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.
CP vs VXX: side by side
| CP (Canadian Pacific Kansas City Limited) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.9% | -49.7% |
| 5-year return | +35.4% | -95.6% |
| Volatility (ann.) | 20.9% | 60.9% |
| Beta vs S&P 500 | 0.51 | -3.31 |
| Max drawdown (3Y) | -25.9% | -83.3% |
| Market cap | $82.5B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CP | VXX |
|---|---|---|
| 2022 | +4.7% | -23.8% |
| 2023 | +6.8% | -72.5% |
| 2024 | -7.8% | -26.2% |
| 2025 | +2.4% | -42.2% |
| 2026 | +28.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CP and VXX good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CP and VXX?
The CP/VXX correlation stands at -0.23 on a 3-year window (1 year: -0.17, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CP?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cp-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cp-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CP correlations · VXX correlations
