CWK vs VXX: Correlation
Measured on weekly returns over the past three years, Cushman & Wakefield Ltd. (CWK) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWK and VXX?
On 3 years of weekly data the CWK/VXX correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.36 versus -0.49 over 3 years. The 5-year figure is -0.45, and annualized covariance runs at -1406.7 %².
Out of 26 assets tracked against CWK, VXX lands near the bottom at #25. Correlation aside, the last 12 months split them widely, with CWK ahead by 38.3 points (-11.4% 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.
CWK vs VXX: side by side
| CWK (Cushman & Wakefield Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.4% | -49.7% |
| 5-year return | -22.4% | -95.6% |
| Volatility (ann.) | 47.1% | 60.9% |
| Beta vs S&P 500 | 1.67 | -3.31 |
| Max drawdown (3Y) | -49.0% | -83.3% |
| Market cap | $3.3B | – |
| P/E (trailing) | 50.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWK | VXX |
|---|---|---|
| 2022 | -44.0% | -23.8% |
| 2023 | -13.3% | -72.5% |
| 2024 | +21.1% | -26.2% |
| 2025 | +23.8% | -42.2% |
| 2026 | -12.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWK and VXX good diversifiers for each other?
Yes. With a correlation of -0.49, CWK and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CWK and VXX?
The CWK/VXX correlation stands at -0.49 on a 3-year window (1 year: -0.36, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CWK?
Yes. With a correlation of -0.49, CWK and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
A reading of -0.49 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/cwk-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwk-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CWK correlations · VXX correlations
