ARES vs VXX: Correlation
How closely do Ares Management (ARES) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARES and VXX?
On 3 years of weekly data the ARES/VXX correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.49 over 3 years. The 5-year figure is -0.50, and annualized covariance runs at -1059.9 %².
Among the 32 assets we track against ARES, VXX sits near the bottom by co-movement, at rank #31. Their recent paths diverged sharply: over the last 12 months ARES outperformed by 32.0 percentage points (-17.7% for ARES against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ARES vs VXX: side by side
| ARES (Ares Management) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.7% | -49.7% |
| 5-year return | +118.7% | -95.6% |
| Volatility (ann.) | 35.5% | 60.9% |
| Beta vs S&P 500 | 1.55 | -3.31 |
| Max drawdown (3Y) | -50.0% | -83.3% |
| Market cap | $47.0B | – |
| P/E (trailing) | 65.0 | – |
| Dividend yield | 3.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | ARES | VXX |
|---|---|---|
| 2022 | -12.8% | -23.8% |
| 2023 | +79.5% | -72.5% |
| 2024 | +52.7% | -26.2% |
| 2025 | -6.2% | -42.2% |
| 2026 | -9.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARES and VXX good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARES and VXX?
As of 2026-08-27, the correlation of weekly returns between ARES and VXX is -0.49 over 3 years, -0.30 over 1 year and -0.50 over 5 years.
Is VXX a good diversifier for ARES?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/ares-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ares-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARES correlations · VXX correlations
