CPAY vs VXX: Correlation
How closely do Corpay (CPAY) 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 -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and VXX?
Across a 3-year window, the weekly returns of CPAY and VXX correlate at -0.48, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.32) than the 3-year average (-0.48). Stretching to 5 years gives -0.49, with an annualized covariance of -934.2 %².
Out of 32 assets tracked against CPAY, VXX lands near the bottom at #31. Their recent paths diverged sharply: over the last 12 months CPAY outperformed by 73.8 percentage points (+24.1% for CPAY against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CPAY vs VXX: side by side
| CPAY (Corpay) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.1% | -49.7% |
| 5-year return | +55.2% | -95.6% |
| Volatility (ann.) | 31.7% | 60.9% |
| Beta vs S&P 500 | 1.22 | -3.31 |
| Max drawdown (3Y) | -34.5% | -83.3% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | VXX |
|---|---|---|
| 2022 | -17.9% | -23.8% |
| 2023 | +53.9% | -72.5% |
| 2024 | +19.7% | -26.2% |
| 2025 | -11.1% | -42.2% |
| 2026 | +34.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and VXX good diversifiers for each other?
Yes. With a correlation of -0.48, CPAY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPAY and VXX?
Using weekly returns as of 2026-08-27: -0.48 over 3 years, with -0.32 over the last year and -0.49 over 5 years.
Is VXX a good diversifier for CPAY?
Yes. With a correlation of -0.48, CPAY and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
A reading of -0.48 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/cpay-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpay-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPAY correlations · VXX correlations
