CX vs VXX: Correlation
Cemex, S.A.B. de C.V. Sponsored ADR (CX) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CX and VXX?
Across a 3-year window, the weekly returns of CX and VXX correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.42, with an annualized covariance of -918.7 %².
VXX is close to the least connected end of CX's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months CX outperformed by 72.7 percentage points (+23.0% for CX against -49.7% for VXX). One caveat on sizing: VXX is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CX vs VXX: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.0% | -49.7% |
| 5-year return | +37.2% | -95.6% |
| Volatility (ann.) | 37.4% | 60.9% |
| Beta vs S&P 500 | 1.14 | -3.31 |
| Max drawdown (3Y) | -44.4% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CX | VXX |
|---|---|---|
| 2022 | -40.3% | -23.8% |
| 2023 | +91.4% | -72.5% |
| 2024 | -26.5% | -26.2% |
| 2025 | +105.1% | -42.2% |
| 2026 | -4.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX and VXX good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CX and VXX?
The CX/VXX correlation stands at -0.40 on a 3-year window (1 year: -0.31, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CX?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
A reading of -0.40 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/cx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CX correlations · VXX correlations
