ALXO vs VXX: Correlation
How closely do ALX Oncology Holdings Inc. (ALXO) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALXO and VXX?
On 3 years of weekly data the ALXO/VXX correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.02) runs above the 3-year figure (-0.24). The 5-year figure is -0.24, and annualized covariance runs at -1725.2 %².
Among the 11 assets we track against ALXO, VXX sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with ALXO ahead by 120.5 points (+70.8% versus -49.7%). One caveat on sizing: ALXO is 1.9 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.
ALXO vs VXX: side by side
| ALXO (ALX Oncology Holdings Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +70.8% | -49.7% |
| 5-year return | -97.2% | -95.6% |
| Volatility (ann.) | 117.5% | 60.9% |
| Beta vs S&P 500 | 1.42 | -3.31 |
| Max drawdown (3Y) | -97.7% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALXO | VXX |
|---|---|---|
| 2022 | -47.6% | -23.8% |
| 2023 | +32.1% | -72.5% |
| 2024 | -88.8% | -26.2% |
| 2025 | -32.3% | -42.2% |
| 2026 | +81.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALXO and VXX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALXO and VXX?
As of 2026-08-27, the correlation of weekly returns between ALXO and VXX is -0.24 over 3 years, 0.02 over 1 year and -0.24 over 5 years.
Is VXX a good diversifier for ALXO?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/alxo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alxo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALXO correlations · VXX correlations
