CPF vs VXX: Correlation
Measured on weekly returns over the past three years, Central Pacific Financial Corp New (CPF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPF and VXX?
Across a 3-year window, the weekly returns of CPF and VXX correlate at -0.47, 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 (-0.47). Stretching to 5 years gives -0.39, with an annualized covariance of -764.8 %².
Among the 19 assets we track against CPF, VXX sits near the bottom by co-movement, at rank #18. Their recent paths diverged sharply: over the last 12 months CPF outperformed by 74.1 percentage points (+24.4% for CPF against -49.7% for VXX). One caveat on sizing: VXX is 2.3 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.
CPF vs VXX: side by side
| CPF (Central Pacific Financial Corp New) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +24.4% | -49.7% |
| 5-year return | +85.5% | -95.6% |
| Volatility (ann.) | 26.5% | 60.9% |
| Beta vs S&P 500 | 0.84 | -3.31 |
| Max drawdown (3Y) | -25.2% | -83.3% |
| Market cap | $1.0B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 2.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPF | VXX |
|---|---|---|
| 2022 | -24.7% | -23.8% |
| 2023 | +2.9% | -72.5% |
| 2024 | +54.3% | -26.2% |
| 2025 | +11.3% | -42.2% |
| 2026 | +23.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPF and VXX good diversifiers for each other?
Yes. With a correlation of -0.47, CPF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPF and VXX?
The CPF/VXX correlation stands at -0.47 on a 3-year window (1 year: -0.22, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CPF?
Yes. With a correlation of -0.47, CPF and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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/cpf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPF correlations · VXX correlations
