CRS vs VXX: Correlation
Carpenter Technology Corporation (CRS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and VXX?
On 3 years of weekly data the CRS/VXX correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.39 over 3. The 5-year figure is -0.37, and annualized covariance runs at -1096.4 %².
VXX is close to the least connected end of CRS's tracked universe, ranking #11 of 12. The last year tells two different stories: CRS led by 155.9 percentage points, +106.2% for CRS against -49.7% for VXX.
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.
CRS vs VXX: side by side
| CRS (Carpenter Technology Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +106.2% | -49.7% |
| 5-year return | +1445.7% | -95.6% |
| Volatility (ann.) | 46.1% | 60.9% |
| Beta vs S&P 500 | 1.32 | -3.31 |
| Max drawdown (3Y) | -28.7% | -83.3% |
| Market cap | $24.3B | – |
| P/E (trailing) | 46.1 | – |
| Dividend yield | 0.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRS | VXX |
|---|---|---|
| 2022 | +29.5% | -23.8% |
| 2023 | +94.5% | -72.5% |
| 2024 | +141.7% | -26.2% |
| 2025 | +86.2% | -42.2% |
| 2026 | +56.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and VXX good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRS and VXX?
As of 2026-08-27, the correlation of weekly returns between CRS and VXX is -0.39 over 3 years, -0.31 over 1 year and -0.37 over 5 years.
Is VXX a good diversifier for CRS?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/crs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRS correlations · VXX correlations
