CRAI vs VXX: Correlation
How closely do CRA International,Inc. (CRAI) 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 -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRAI and VXX?
Over the past 3 years, CRAI and VXX moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.36). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -801.1 %².
Out of 12 assets tracked against CRAI, VXX lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with CRAI ahead by 37.0 points (-12.7% versus -49.7%). Note the risk asymmetry: VXX runs 1.7 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.
CRAI vs VXX: side by side
| CRAI (CRA International,Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.7% | -49.7% |
| 5-year return | +97.4% | -95.6% |
| Volatility (ann.) | 36.2% | 60.9% |
| Beta vs S&P 500 | 0.74 | -3.31 |
| Max drawdown (3Y) | -38.1% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRAI | VXX |
|---|---|---|
| 2022 | +32.9% | -23.8% |
| 2023 | -18.1% | -72.5% |
| 2024 | +91.4% | -26.2% |
| 2025 | +8.4% | -42.2% |
| 2026 | -13.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRAI and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between CRAI and VXX?
The CRAI/VXX correlation stands at -0.36 on a 3-year window (1 year: -0.20, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CRAI?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 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/crai-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crai-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRAI correlations · VXX correlations
