CVX vs VXX: Correlation
Chevron Corporation (CVX) 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 -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and VXX?
Across a 3-year window, the weekly returns of CVX and VXX correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.24 versus -0.27 over 3 years. Stretching to 5 years gives -0.23, with an annualized covariance of -388.4 %².
Out of 29 assets tracked against CVX, VXX lands near the bottom at #29. Their recent paths diverged sharply: over the last 12 months CVX outperformed by 80.1 percentage points (+30.4% for CVX against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.6 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.
CVX vs VXX: side by side
| CVX (Chevron Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.4% | -49.7% |
| 5-year return | +148.1% | -95.6% |
| Volatility (ann.) | 23.8% | 60.9% |
| Beta vs S&P 500 | 0.22 | -3.31 |
| Max drawdown (3Y) | -20.8% | -83.3% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | CVX | VXX |
|---|---|---|
| 2022 | +58.5% | -23.8% |
| 2023 | -13.6% | -72.5% |
| 2024 | +1.3% | -26.2% |
| 2025 | +10.1% | -42.2% |
| 2026 | +34.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and VXX good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVX and VXX?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.24 over the last year and -0.23 over 5 years.
Is VXX a good diversifier for CVX?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVX correlations · VXX correlations
