CVI vs VXX: Correlation
Measured on weekly returns over the past three years, CVR Energy Inc. (CVI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVI and VXX?
Across a 3-year window, the weekly returns of CVI and VXX correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.14) than the 3-year average (-0.23). Stretching to 5 years gives -0.23, with an annualized covariance of -725.3 %².
Out of 12 assets tracked against CVI, VXX lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with CVI ahead by 85.0 points (+35.3% versus -49.7%).
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.
CVI vs VXX: side by side
| CVI (CVR Energy Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +35.3% | -49.7% |
| 5-year return | +297.3% | -95.6% |
| Volatility (ann.) | 51.8% | 60.9% |
| Beta vs S&P 500 | 0.71 | -3.31 |
| Max drawdown (3Y) | -56.2% | -83.3% |
| Market cap | $4.0B | – |
| P/E (trailing) | 58.5 | – |
| Dividend yield | 1.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVI | VXX |
|---|---|---|
| 2022 | +115.4% | -23.8% |
| 2023 | +11.5% | -72.5% |
| 2024 | -34.9% | -26.2% |
| 2025 | +35.8% | -42.2% |
| 2026 | +57.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVI and VXX good diversifiers for each other?
Yes. With a correlation of -0.23, CVI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVI and VXX?
As of 2026-08-27, the correlation of weekly returns between CVI and VXX is -0.23 over 3 years, 0.14 over 1 year and -0.23 over 5 years.
Is VXX a good diversifier for CVI?
Yes. With a correlation of -0.23, CVI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/cvi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVI correlations · VXX correlations
