ALK vs VXX: Correlation
How closely do Alaska Air Group, Inc. (ALK) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and VXX?
Over the past 3 years, ALK and VXX moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.32). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -892.3 %².
VXX is close to the least connected end of ALK's tracked universe, ranking #11 of 13. The last year tells two different stories: ALK led by 17.9 percentage points, -31.8% for ALK 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.
ALK vs VXX: side by side
| ALK (Alaska Air Group, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -31.8% | -49.7% |
| 5-year return | -25.6% | -95.6% |
| Volatility (ann.) | 45.5% | 60.9% |
| Beta vs S&P 500 | 1.01 | -3.31 |
| Max drawdown (3Y) | -55.4% | -83.3% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALK | VXX |
|---|---|---|
| 2022 | -17.6% | -23.8% |
| 2023 | -9.0% | -72.5% |
| 2024 | +65.7% | -26.2% |
| 2025 | -22.3% | -42.2% |
| 2026 | -16.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALK and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.45 over the last year and -0.35 over 5 years.
Is VXX a good diversifier for ALK?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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/alk-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alk-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALK correlations · VXX correlations
