CPA vs VXX: Correlation
How closely do Copa Holdings, S.A. (CPA) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and VXX?
Over the past 3 years, CPA and VXX moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.42 over 3. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -745.2 %².
Out of 12 assets tracked against CPA, VXX lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with CPA ahead by 67.5 points (+17.8% versus -49.7%). 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.
CPA vs VXX: side by side
| CPA (Copa Holdings, S.A.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +17.8% | -49.7% |
| 5-year return | +112.6% | -95.6% |
| Volatility (ann.) | 29.3% | 60.9% |
| Beta vs S&P 500 | 0.83 | -3.31 |
| Max drawdown (3Y) | -29.2% | -83.3% |
| Market cap | $5.4B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 5.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPA | VXX |
|---|---|---|
| 2022 | +0.6% | -23.8% |
| 2023 | +32.4% | -72.5% |
| 2024 | -11.5% | -26.2% |
| 2025 | +45.6% | -42.2% |
| 2026 | +11.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between CPA and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.43 over the last year and -0.43 over 5 years.
Is VXX a good diversifier for CPA?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
A reading of -0.42 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/cpa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPA correlations · VXX correlations
