AG vs VXX: Correlation
How closely do First Majestic Silver Corp. (AG) 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 -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and VXX?
On 3 years of weekly data the AG/VXX correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -1139.8 %².
Among the 27 assets we track against AG, VXX sits near the bottom by co-movement, at rank #26. Correlation aside, the last 12 months split them widely, with AG ahead by 189.6 points (+139.9% 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.
AG vs VXX: side by side
| AG (First Majestic Silver Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +139.9% | -49.7% |
| 5-year return | +74.1% | -95.6% |
| Volatility (ann.) | 70.1% | 60.9% |
| Beta vs S&P 500 | 1.45 | -3.31 |
| Max drawdown (3Y) | -53.0% | -83.3% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | VXX |
|---|---|---|
| 2022 | -24.7% | -23.8% |
| 2023 | -26.0% | -72.5% |
| 2024 | -10.5% | -26.2% |
| 2025 | +204.1% | -42.2% |
| 2026 | +30.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG 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 AG and VXX?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.32 over the last year and -0.23 over 5 years.
Is VXX a good diversifier for AG?
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?
On the −1 to +1 scale, -0.27 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/ag-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ag-vs-vxx/)
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Related comparisons
Hubs: AG correlations · VXX correlations
