ROAD vs VXX: Correlation
How closely do Construction Partners, Inc. (ROAD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROAD and VXX?
Over the past 3 years, ROAD and VXX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.38). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -1072.7 %².
Out of 10 assets tracked against ROAD, VXX lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months ROAD outperformed by 44.3 percentage points (-5.4% for ROAD 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.
ROAD vs VXX: side by side
| ROAD (Construction Partners, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.4% | -49.7% |
| 5-year return | +241.9% | -95.6% |
| Volatility (ann.) | 46.3% | 60.9% |
| Beta vs S&P 500 | 1.52 | -3.31 |
| Max drawdown (3Y) | -33.6% | -83.3% |
| Market cap | $6.5B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ROAD | VXX |
|---|---|---|
| 2022 | -9.2% | -23.8% |
| 2023 | +63.1% | -72.5% |
| 2024 | +103.3% | -26.2% |
| 2025 | +22.7% | -42.2% |
| 2026 | +5.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROAD and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between ROAD and VXX?
The ROAD/VXX correlation stands at -0.38 on a 3-year window (1 year: -0.27, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ROAD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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/road-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/road-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ROAD correlations · VXX correlations
